Cash News
Bitcoin has crossed $100,000 for the first time, scaling a fresh record high amid a euphoric rally sparked by Donald Trump’s election victory.
The world’s largest and most valuable cryptocurrency – prone to volatile market surges and routs – has been lifted in recent weeks by hopes that the president-elect’s return to the White House will usher in a new era of lighter regulation and supportive policies.
As of 8pm PT Wednesday, the cryptocurrency hit a new peak of $102,888 per Bitcoin. Since election day, it has rallied by 45%. Other cryptocurrencies have enjoyed similar gains.
“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of the US crypto firm Galaxy Digital.
“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
Reaching a six-figure price amounts to a significant milestone for Bitcoin. The digital currency was created in 2008 as strings of computer code, with no physical form, by a software developer using the pseudonym Satoshi Nakamoto, whose identity has still not been confirmed.
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Proponents have hailed the coin, and the wider crypto space, as the future of finance. But its climb in valuation has been extraordinarily bumpy, and predictions that it could become a mainstream alternative means of payment for goods and services have so far failed to materialize.
“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology and geopolitics,” said Justin d’Anethan, a Hong Kong-based independent crypto analyst.
“The figure not that long ago dismissed as fantasy stands as a reality.”
Trump, who himself once branded Bitcoin a “scam”, reversed his position during his latest bid for presidency. His campaign accused the Democrats of embarking upon an “un-American crypto crackdown” under Joe Biden, and pledged to defend Bitcoin mining, the ability of US citizens to hold crypto assets, and transactions “free from Government Surveillance and Control”. Crypto proponents expect Trump will install a head of the Securities and Exchange Commission who is friendly to their industry.