Bitcoin has shattered the $100,000 benchmark for the first time, signaling a milestone in its 14-year history.
The flagship cryptocurrency reached as high as $103,844 on Wednesday evening, according to Coin Metrics, marking a more than 140% gain this year and a 48% increase since the recent US elections in November saw Donald Trump re-elected as President.
Trump’s crypto-friendly appointments, such as Paul Atkins, have helped bolster the currency.
Bitcoin had been sitting at around $69,000 before Election Day, rising to $75,000 when word that Donald Trump had secured the victory as President-elect came out.
Its ascent continued as investors anticipated a more crypto-friendly regulatory environment under Trump’s administration.
Central to the optimism was Trump’s announcement of key appointments, including his pick for the Securities and Exchange Commission (SEC) chair, former SEC Commissioner Paul Atkins. Atkins, a known advocate for digital assets, co-chaired the Chamber of Digital Commerce’s Token Alliance and has emphasized the importance of innovation in the crypto space.
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Market Forces and Institutionalization Bolster Crypto
Beyond political factors, institutional adoption continues to bolster Bitcoin’s value. The recent launch of BlackRock’s Bitcoin exchange-traded fund (ETF), which gives investors access to Bitcoin through a more familiar route as a stock exchange traded product, has been a game-changer for crypto. Options trading on the ETF’s first day saw a staggering $1.9 billion in activity, reflecting an increased demand from institutional investors.
Adding to the buzz, Charles Schwab’s incoming CEO, Rick Wurster, signaled the firm’s interest in crypto trading pending anticipated positive regulatory shifts under the Trump administration, further illustrating the increasing integration of Bitcoin into traditional financial systems.
Crypto is Anti-Establishment No More
Bitcoin’s rise to $100,000 is a moment of vindication for early adopters who weathered years of skepticism. Initially dismissed for its anti-establishment roots as a peer-to-peer alternative to traditional banking during the 2008 financial crisis, Bitcoin has come into its own as an accepted asset.
“We’re witnessing a paradigm shift,” said Mike Novogratz, CEO of Galaxy Digital told CNBC. “After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream.”
Bitcoin’s unprecedented rally has sparked excitement and speculation about its future trajectory. Between the Trump administration’s possible reshaping of crypto regulations and growing institutional interest, the cryptocurrency’s next chapter has the potential to be as metamorphic as its journey thus far.
