Bitcoin has reached an all-time high of $100,000, marking a significant milestone in cryptocurrency history. The surge comes amid rising optimism surrounding a more favorable regulatory environment in the United States.
In the early hours of yesterday, December 4, 2024, President-elect Donald Trump announced his pick for the next Securities and Exchange Commission (SEC) chair, Paul Atkins. Atkins is a cryptocurrency advocate and former SEC commissioner. Trump’s announcement highlighted his plans to make the U.S. a leader in cryptocurrency, a sharp contrast to the regulatory crackdown under outgoing SEC Chair Gary Gensler.
According to Action Forex, Bitcoin has experienced a 133.41% increase in value since January when it traded at $44,200. The recent push past $100,000 solidifies its position as the pioneer cryptocurrency and a major store of value in the digital asset market. Crypto enthusiasts and analysts attribute the rise to multiple factors, including a post-halving rally and optimism around the incoming administration. Jesse Myers, co-founder of Onramp Bitcoin, dismissed rumors attributing the surge solely to regulatory optimism.
The Federal Reserve Chair, Jerome Powell, also added to Bitcoin’s growing legitimacy, comparing it to gold. Powell described Bitcoin as “a speculative alternative to gold,” emphasizing its role as a store of value rather than a mainstream payment system.
As Bitcoin hits $100,000, the intersection of favorable regulatory developments and growing institutional acceptance has created a perfect storm that could propel Bitcoin to even higher heights. As Analyst, Tony Sycamore, commented, “This is likely to be the catalyst for the next wave of momentum buying which takes it towards the next stop of $105k, before $120k in 2025.”
