Bitcoin exceeded the $100,000 threshold for the first time on Thursday, 5 December 2024, in a landmark event that has been hailed by both proponents and sceptics as a significant milestone in the maturation of cryptocurrencies. Investors are optimistic that a favourable US regulatory environment will further solidify the position of cryptocurrencies within traditional financial markets.
The move came just hours after Trump unveiled his cabinet picks, including Paul Atkins as the next SEC Chair. Atkins, a crypto-friendly former SEC Commissioner, is expected to usher in a new era of pro-crypto regulation.
Trump, who has launched his own cryptocurrency platform, has vowed to retain the federal government’s Bitcoin holdings and fire SEC Chair Gary Gensler, a vocal critic of crypto regulation. Gensler subsequently announced his resignation, effective January.
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The general rise of Bitcoin coincides with Bitcoin’s significant growth this year. In the month following Donald Trump’s US election victory, Bitcoin has surged over 50%, likely fueled by the simultaneous election of several pro-crypto lawmakers to Congress. Bitcoin is now up more than 140% in 2024.
Bitcoin initially hovered around $69,000 on election day but surged to $75,000 following Trump’s election victory, according to CoinDesk data. The cryptocurrency has continued its upward trajectory as investors anticipate a more crypto-friendly regulatory environment under the Trump administration.
