Chandigarh, December 5, 2024 (Punjab Khabarnama Bureau)-Bitcoin’s value crossed $100,000 for the first time on Thursday, as traders expect a favourable regulatory environment under incoming US President Donald Trump, news agency Reuters reported.
“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” Justin D’Anethan, a Hong Kong-based independent crypto analyst, told Reuters.
Trump’s favourable stance towards cryptocurrencies is expected to favour its growth once he assumes office in January 2025. Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory.
On Wednesday, Trump said he would nominate former SEC commissioner Paul Atkins to head the Securities and Exchange Commission. Atkinson has been the co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.
Trump also promised to create a new crypto advisory council, and several crypto companies, including Ripple, Kraken, and Circle, are jostling for a seat. According to several digital asset industry executives, the council will have a major say in Trump’s planned overhaul of US cryptocurrency policy.
American billionaire Elon Musk, a Trump backer, also favours liberal regulation of crypto assets.
“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 U.S. crypto firm Galaxy Digital.
Summary: Bitcoin crossed $100,000 for the first time, fueled by optimism over Donald Trump’s anticipated pro-crypto policies and institutional investments.