Janice R. Andrews
Bitcoin broke the $100,000 barrier for the first time on Thursday, fueled by optimism surrounding President-elect Donald Trump’s pro-crypto agenda. The milestone underscores growing confidence in the cryptocurrency’s mainstream acceptance, driven by regulatory clarity, institutional investment, and technological progress.
Bitcoin’s Record-Breaking Surge
By 9:40 a.m. Thursday, Bitcoin was trading at $100,027, a 2.2% increase from the previous session, after reaching a high of $100,277 earlier in the day. The cryptocurrency’s value has more than doubled in 2024, surging 45% in the four weeks since Trump’s decisive election victory.
Crypto analysts and investors view this as a transformative moment for digital assets. “Bitcoin surpassing $100,000 isn’t just a milestone—it signifies a shift in global finance, technology, and geopolitics,” said Justin D’Anethan, an independent crypto analyst based in Hong Kong.
Trump’s Crypto Vision Gains Traction
Trump’s campaign promises to establish the United States as the “crypto capital of the planet” have sparked enthusiasm among digital asset investors. His administration plans to ease regulatory barriers, paving the way for innovation in the sector.
A key driver of this optimism is Trump’s announcement of Paul Atkins as his pick to lead the Securities and Exchange Commission (SEC). A former SEC commissioner, Atkins has been an advocate for digital assets through initiatives like the Token Alliance and the Chamber of Digital Commerce.
Adding to the momentum, a wave of pro-crypto lawmakers was elected to Congress, boosting expectations for a supportive regulatory environment.
Institutional Investment and ETFs Propel Growth
The approval of U.S.-listed Bitcoin exchange-traded funds (ETFs) earlier this year has been a major catalyst, enabling institutional investors to invest in Bitcoin with ease. Since the election, these ETFs have attracted over $4 billion in investments.
BlackRock’s Bitcoin ETF has also seen a strong response, with call options—bets on price increases—far outpacing put options. Joe McCann, CEO of digital asset hedge fund Asymmetric, noted, “After November 5, U.S. investors began buying aggressively again.”
Strategic Moves and Industry Growth
Crypto-related stocks have soared alongside Bitcoin’s rally. Shares of MARA Holdings, a prominent Bitcoin mining company, jumped 65% in November.
Trump’s personal involvement in the crypto industry has further fueled investor confidence. In September, he launched World Liberty Financial, a crypto-focused business. Additionally, Trump Media and Technology Group, which operates Truth Social, is reportedly close to acquiring Bakkt, a crypto trading firm.
These developments highlight Trump’s commitment to integrating cryptocurrency into the broader financial landscape.
Challenges Remain Amid the Hype
Despite Bitcoin’s historic rise, the cryptocurrency industry continues to face criticism. Concerns linger over Bitcoin’s energy-intensive mining process, regulatory scrutiny, and past controversies, such as the collapse of the FTX exchange and the imprisonment of its founder, Sam Bankman-Fried.
The rapid price increase has also prompted some investors to lock in profits, potentially causing short-term market fluctuations. However, analysts remain optimistic. “Once we clear out profit-taking, Bitcoin could climb higher, and quickly,” said Steven McClurg, founder of Canary Capital, predicting a potential rise to $120,000 by Christmas.
A Turning Point for Digital Assets
Bitcoin’s $100,000 milestone represents a significant moment in the evolution of digital finance. According to Mike Novogratz, CEO of Galaxy Digital, “This is a paradigm shift. After years of regulatory uncertainty, Bitcoin is poised to enter the financial mainstream.”
The milestone reflects a broader global shift toward decentralized finance and cryptocurrencies. With Trump’s administration set to champion crypto innovation, the future of digital assets appears brighter than ever.
As Bitcoin’s ascent captures global attention, questions remain about its next move. Will this historic surge lead to sustained growth, or will the market face corrections? One thing is clear: the crypto revolution is entering an exciting new chapter.
