Donald Trump takes credit for Bitcoin’s historic $100,000 milestone.

Bitcoin has hit its all-time high, surpassing the $100,000 mark for the first time. The cryptocurrency, which has been on an upward rally, has been reportedly associated with the election of Donald Trump as the next President of the United States. Trump is known for his outspoken views, but he went to his Truth Social to trumpet Bitcoin’s success and take the credit for the surge.

On December 5, Trump was writing in a post, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” This is definitely a change of heart for him as he had previously shown reservations about digital assets.

Bitcoin surpasses $100,000 amidst massive rally following Trump’s election win

The rally began soon after Trump announced his plan to nominate cryptocurrency advocate Paul Atkins as the new chair of the Securities and Exchange Commission (SEC). This move has fueled optimism within the crypto community, which has long sought clarity and support from U.S. regulators.

According to CoinDesk, the value of Bitcoin has increased more than 50% since Election Day on November 5, peaking at $103,713 from an original value of $69,374 on December 4. Analysts have attributed this surge to a combination of market exuberance, renewed investor confidence, and promises of crypto-friendly policies under Trump’s administration.

Trump’s Crypto Vision

It resonates with enthusiasts how Trump is pro-crypto. This was evident in his campaign when he suggested that America be placed as “the crypto capital of the planet”. He even mooted putting a strategic Bitcoin reserve and embracing cryptocurrency when he took donations from people in digital assets. Such was the change in his stand from sceptic to supporter.

The crypto community sees an opportunity in Trump’s leadership to set up a more enabling regulatory framework, one that makes the industry legitimate while avoiding over-restrictive measures.

Bitcoin’s journey to $100,000 has been characterized by volatility. Some two years ago, it would go as low as nearly $17,000 since the FTX exchange collapsed. Even today, Bitcoin futures surged up by more than 4%, yet proving that investors still have confidence in the trend going forward.

Next for Bitcoin

The industry is well-prepared for further growth as Trump’s administration looks set to focus on crypto innovation and clarity in regulations. Whether the present trend will continue with Bitcoin or if it experiences another correction remains to be seen.

Key Takeaway:

A Bitcoin rally above $100,000 can signal growing confidence in the cryptocurrency market. Crypto-friendly policies from Trump ahead of his inauguration may help define the future of digital assets.

*For more news about cryptocurrencies and regulatory developments, stay tuned.