Bitcoin Hits USD100,000. Here's Why It Has Risen Significantly After Trump's Election Win
The cryptocurrency has risen about 140% year-to-date.
By Yap Wan Xiang — 05 Dec 2024, 11:47 AM
Bitcoin has officially reached USD100,000 (about RM443,000) after US president-elect Donald Trump announced his plan to appoint Paul Atkins to lead the Securities and Exchange Commission (SEC)
Bitcoin, a cryptocurrency with exchange-traded funds that are traded on stock exchanges in the US, Canada, Germany, Brazil, Australia, Switzerland, and Hong Kong, has been on an upward trajectory since Trump's election victory on 5 November.
As of 11.23am today, 5 December, one Bitcoin was valued at USD103,134, according to CoinGecko.
Bloomberg reported that Bitcoin has surged over 40% since Trump's election win.
The price of the largest market capitalisation cryptocurrency has surged 140% year-to-date.
It failed to hit the USD100,000 per coin threshold after hitting USD99,000 on 21 November.
The latest surge was fueled by Trump's selection of the former Republican SEC commissioner, who is expected to focus on whittling away at regulations and levying lower penalties for violations.
Bloomberg reported that Atkins has been a strong proponent of digital assets and fintech companies in recent times.
"Atkins is about as great of an SEC chair for crypto as possible," said Travis Kling at Ikigai, an asset management company
"He has strong libertarian leanings and an expressed mandate from Trump to be highly supportive of crypto, which I fully expect he will be," he said.
During his campaign, Trump pledged to make the US the global hub for cryptocurrency and even supported the idea of a national Bitcoin reserve.
However, there are doubts about the feasibility of this objective.
Bloomberg noted that Atkins is set to replace Gary Gensler, who initiated numerous enforcement actions against alleged non-compliance and risky practices in the digital-asset sector.
This sector experienced a significant downturn in 2022, resulting in substantial losses for investors.
