Price tops $100,000 after Trump chooses Paul Atkins

Enthusiasm over a crypto-friendly administration has been pushing Bitcoin, the world’s largest and best-known cryptocurrency, to hit the long-awaited $100,000 milestone for months.

The price of Bitcoin surpassed $100,000 for the first time on Thursday, as Donald Trump hopes to create a favorable regulatory environment for cryptocurrencies when he visits the White House next year.

This step came as Trump announced he would nominate Paul Atkins to chair the Securities and Exchange Commission, which is expected to lead to market deregulation. The president-elect had promised on the campaign trail to replace outgoing Gary Gensler, President Joe Biden’s appointee whose enforcement efforts led to clashes with Wall Street.

Trump also pledged at a July Bitcoin conference in Nashville to create a crypto-friendly administration and overhaul U.S. policy, including plans for a new crypto advisory council.

The president-elect celebrated – and took credit for – in a post on his Truth Social platform Thursday morning: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!”

Bitcoin Price Chart

Bitcoin has been booming for months

Enthusiasm over a crypto-friendly administration has been pushing Bitcoin, the world’s largest and best-known cryptocurrency, to hit the long-awaited $100,000 milestone for months.

The 16-year-old cryptocurrency is a digital currency and does not rely on banks to verify transactions.

Bitcoin’s value has more than doubled this year and has soared more than 45% since the November 5 US presidential election, which also saw a large number of pro-crypto lawmakers elected to Congress. Since Trump’s landslide victory, traders have been betting that Trump’s stated commitment to supporting cryptocurrencies would lead to a less restrictive regulatory environment, thereby improving the sector as a whole, Reuters reported.

Trump solicited support and campaign donations from the industry by promising to be a “crypto president” and end Biden’s crackdown on crypto companies that regulators accused of flouting securities laws and the fight against money laundering.

The industry is pushing for executive orders guaranteeing crypto companies’ access to banking services, an end to enforcement measures and other changes.

Trump signals support for crypto

The Bitcoin reference comes the same week that Trump announced the nomination of Paul Atkins to head the Securities and Exchange Commission.

Atkins, 66, is the CEO and founder of Patomak Global Partners, a financial advisory firm whose clients include cryptocurrency companies and exchanges.

Atkins is well known as a business-friendly former federal regulator supportive of the nascent cryptocurrency industry. He is also known in Republican business circles and is co-chair of the Digital Chamber’s Token Alliance, which has defended Bitcoin and other digital currencies by fighting SEC regulations that target the industry.

Gensler, who has held the position for four years and has been steadily moving into the crypto industry, will step down in January.

Trump himself has dabbled in cryptocurrency. It has released crypto-based digital trading cards – and Trump Media and Technology Group, which operates Truth Social, is reportedly close to acquiring crypto trading company Bakkt. The Trump family launched its own crypto company, World Liberty Financial, in September.

Contributors: Nicole Fallert, Joey Garrison, Mike Snider, USA TODAY; Reuters

Eric Lagatta covers the latest news and trends for USA TODAY. Contact him at [email protected]