Bitcoin Hits Record Above USD 100,000 - US Government Support Will Strengthen Crypto's Role, According To Investors
Bitcoin topped $100,000 for the first time on Thursday, a milestone that even critics are hailing as a sign of growth for cryptocurrencies. Investors hope that a supportive US government will help strengthen the role of cryptocurrencies in the financial market.
The total value of the cryptocurrency market has nearly doubled in the year to date, reaching a record $3.8 trillion, according to data from CoinGecko. By comparison, Apple alone is worth about $3.7 trillion.
Bitcoin's "march" on Wall Street has created millionaires and popularized the concept of "decentralized finance" in a volatile and often controversial period since its creation 16 years ago.
Bitcoin has doubled in value this year and is up more than 50% in the four weeks following Donald Trump's election victory, which also brought a slew of pro-crypto lawmakers to Congress. After crossing the $100,000 mark in Asian morning on Thursday, it quickly rallied above $103,000 en route to an all-time high of $103,619, up about 6% on the day. The cryptocurrency was last at $101,933.
Trump championed digital assets during his campaign, promising to make the United States "the crypto capital of the planet." He also said he would nominate Paul Atkins to head the Securities and Exchange Commission.
Atkins, a former commissioner of that commission, has been involved in crypto politics as co-chair of the Token Alliance, which deals with "developing best practices for digital asset issuance and trading platforms."
Many crypto companies, including Ripple, Kraken and Circle are also vying for a seat on the crypto council that Trump has promised.
Bitcoin's move into six-figure territory is a remarkable comeback from a dip below $16,000 in 2022, when the industry was being thrown off balance by the collapse of the FTX exchange. Its founder Sam Bankman-Fried was subsequently jailed.
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