Bitcoin is on the verge of hitting $100,000, reaching a high of $99,073 on Thursday, fueled by expectations that President-elect Donald Trump will create a more crypto-friendly regulatory environment. The world’s leading digital currency has surged over 60% since Trump’s re-election on November 5, as investors believe his administration will reduce legal and regulatory barriers for cryptocurrencies.
Trump, who previously dismissed Bitcoin as a “scam” during his first term, has since embraced the digital asset. He accepted campaign donations in cryptocurrency and vowed to make the U.S. the “crypto capital of the planet,” even suggesting the creation of a national Bitcoin reserve. In September, Trump and his three sons announced the launch of their own crypto venture, World Liberty Financial, signaling their growing support for the industry.
In addition to Trump’s backing, another positive development for the crypto market came Thursday, as U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, a figure disliked by many in the crypto community for his strict enforcement of regulations, confirmed he would step down in January. Trump had previously promised to remove Gensler on his first day in office, though he does not have the authority to do so before the end of Gensler’s term.
While Bitcoin and other cryptocurrencies are often seen as a gateway to financial freedom and high returns, they remain highly volatile and have faced regulatory crackdowns in various countries. Bitcoin reached an all-time high of $69,000 in late 2021 before falling to below $16,000 the following year. However, the digital asset has rebounded significantly, increasing by more than 300% since November 2022, surpassing its previous record in March.
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