Bitcoin Hits the Magical $100,000 Mark

Bitcoin skyrocketed to the magical $100,000 mark on Wednesday, reaching a historic milestone fueled by President-elect Donald Trump’s announcement of pro-crypto appointees. 

Paul Atkins, a former (Securities and Exchange Commission) SEC commissioner and cryptocurrency advocate, is set to lead the SEC, signaling a potential shift in regulatory oversight. 

Atkins is expected to adopt a more relaxed stance compared to Gary Gensler, whose aggressive approach under the Biden administration smothered the industry's expansion.

Bitcoin’s rally has been meteoric. After Trump’s projected victory on November 6, the cryptocurrency spiked by $6,000 in a single day, breaking $74,000. By mid-November, it surged to $90,000, culminating in this week’s six-figure milestone. The year-to-date gain stands at an impressive 130%, far outpacing the S&P 500’s 28% rise.

Trump’s shift from crypto skeptic to supporter has been crucial. He has pledged to build a strategic Bitcoin reserve, and launched his own crypto venture. Industry insiders are optimistic about a regulatory environment conducive to growth, with Trump considering a dedicated White House crypto policy role.

What Does This Mean for Me?

Still, skepticism remains. Federal Reserve Chair Jerome Powell still views Bitcoin as a speculative asset comparable to gold rather than a threat to the dollar. His cautious stance confirms the ongoing debate over cryptocurrency’s role in the financial system. For now, though, Bitcoin’s rise reveals that the crypto winter of last year is well and truly a thing of the past.