Bitcoin has risen to nearly $100,000 as investors anticipate a more favorable regulatory environment under the incoming Trump administration. Since the President-elect’s re-election on November 5, the digital currency has surged more than 60 percent, reaching as high as $99,073 on Thursday. Trump, who previously called Bitcoin a “scam,” has now accepted campaign donations in cryptocurrency and pledged to make the US the “crypto capital of the planet.”
In addition, Trump and his family launched their own cryptocurrency business, World Liberty Financial, which has been seen as a positive sign for the sector. The news of United States Securities and Exchange Commission (SEC) chair Gary Gensler stepping down in January has also been viewed as a bullish signal for the industry, as Gensler was known for his aggressive enforcement actions targeting cryptocurrencies.
Despite the optimism, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in various countries. Bitcoin had reached a record high of $69,000 in late 2021 before dropping to less than $16,000 over the following year. However, the digital currency has since rebounded, surpassing its previous peak in March and gaining over 300 percent since November 2022.
Investors are hopeful that the incoming Trump administration will support the growth of cryptocurrencies and create a more favorable environment for digital assets, leading to the continued rise of Bitcoin towards the $100,000 mark.
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