Bitcoin Reaches All Time High, Know How Trump’s Victory Is Influencing The Crypto Scene

New York: Marking a milestone in cryptocurrency history, Bitcoin on Thursday reached an all-time high of $100,000 amid growing optimism among investors about a crypto-friendly regulatory environment under Donald Trump’s administration.

Its value has got doubled since the beginning of 2024. It has risen by about 45% in the last four weeks following the victory of Donald Trump in the recently concluded Presidential elections in the United States. At 0240 GMT on Thursday, bitcoin was trading at $100,027. Earlier in the day, it touched the $100,277 mark briefly.

Paul Atkin’s appointment boost for crypto?

“Key developments, including Elon Musk heading the newly established Department of Government Efficiency, plans for a dedicated White House crypto policy role, and Trump’s appointment of Paul Atkins as SEC Chair, have fuelled this remarkable rally towards this mark. With Trump’s pro-crypto agenda and Atkins’ leadership, the market is bound for friendlier reforms and wider adoption, setting Bitcoin on track to reach $120,000 in the coming weeks,” Edul Patel, CEO and Co-founder of Mudrex told India Today. President-elect Donald Trump had appointed Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner, known for his strong pro-crypto stance, to lead the agency.

Trump’s promises fuelling crypto growth?

According to annalysts, the anticipation of policy changes under Trump’s administration is fuelling the growth of crypto . During his election campaign, Trump had pledged to make the United States the “crypto capital of the planet.” Reports claimed that Trump had also announced plans to build a national bitcoin reserve. These indicate a strong personal and policy interest in digital assets by the President-elect.

Industry insiders believe that the stricter scrutiny of the digital currency that it had faced under the current US Securities and Exchange Commission (SEC) Chair, Gary Gensler, may end.

According to reports, several crypto firms, including Ripple, Kraken, and Circle, are vying for a place on Trump’s proposed crypto advisory council, which aims to modify and change the crypto policies of the United States.

Trump’s personal interest in crypto currency

In September, Trump had launched a crypto venture named World Liberty Financial. Reports claimed that Trump Media and Technology Group is talks to acquire the crypto trading platform Bakkt.

Concerns remain

Despite the rise of the bitcoin being celebrated, critics continue to raise concerns about the industry’s energy consumption and its controversial past. The collapse of the FTX exchange and the imprisonment of its founder, Sam Bankman-Fried, caused significant damage to the sector’s reputation about two years back.