Bitcoin Hits Record High of $106,000 Amid Anticipated Pro-Crypto Trump Policies
Bitcoin, the world’s largest cryptocurrency, has reached a staggering new record, surpassing $106,000 (£83,890) before settling at $104,500 during Asian trade on Monday morning. This milestone reflects a significant 50% surge in Bitcoin’s value since Donald Trump’s victory in the November 5 election, signaling growing optimism among crypto investors about the incoming administration’s stance on digital currencies.
Pro-Crypto Sentiment Boosts Bitcoin
The Trump administration is widely regarded as more crypto-friendly than its predecessor. In a statement on Thursday, President-elect Trump announced his consideration of creating a national cryptocurrency stockpile, akin to the country’s strategic oil reserve. This initiative could further cement Bitcoin's role as a mainstream asset and instill greater confidence in the digital currency market.
Additionally, Trump’s recent appointments indicate a strategic pivot towards supporting innovation in blockchain and cryptocurrency. Earlier this month, Silicon Valley entrepreneur and former PayPal executive David Sacks was named as Trump’s AI and cryptocurrency tsar. A close ally of Trump adviser Elon Musk, Sacks’ appointment underscores the administration's focus on leveraging blockchain technology and fostering a pro-crypto regulatory environment.
Major Changes at the SEC
One of the most significant changes under the Trump administration will be at the Securities and Exchange Commission (SEC). Trump has expressed his intent to nominate Washington attorney Paul Atkins, known for his pro-cryptocurrency stance, as the new head of the SEC. This move comes on the heels of current SEC chair Gary Gensler’s announcement that he will resign on January 20, the day of Trump’s inauguration.
Gensler, who faced criticism for his regulatory actions against cryptocurrency firms, stated, “I thank President Biden for entrusting me with this incredible responsibility.” Trump had previously pledged to remove Gensler, citing dissatisfaction with his leadership and policies.
A Favorable Climate for Bitcoin’s Growth
The combination of regulatory changes, market optimism, and strong support for blockchain innovation under the Trump administration has positioned Bitcoin for continued growth. As investors increasingly view Bitcoin as a safe haven and hedge against traditional market fluctuations, the cryptocurrency's upward trajectory shows no signs of slowing down.