Bitcoin surpassed $100,000 for the first time on Thursday, driven by optimism surrounding Donald Trump’s presidential election victory and his pro-cryptocurrency stance, Reuters reports.
Bitcoin has more than doubled in value this year, with a 45% increase in the four weeks since Trump’s victory. Trump’s campaign emphasized making the US the “crypto capital” and creating a national bitcoin stockpile, have further bolstered investor confidence. Trump announced plans to nominate crypto-friendly Paul Atkins as SEC chair, potentially creating a favorable regulatory environment for digital assets.
Bitcoin’s resurgence follows the approval of US-listed Bitcoin ETFs earlier this year, which attracted over $4 billion in investments since the election. Some analysts predict Bitcoin could continue to rise, with some expecting it to reach $120,000 by Christmas. However, critics cite concerns over energy usage, crypto-related crime, and the industry’s history of scandals, including FTX’s collapse.