Bitcoin has now surpassed $100,000, driven by an impressive rally in 2024 that continues to gain momentum.
Bitcoin has officially crossed the significant $100,000 milestone for the first time, achieving this remarkable feat late Wednesday evening.
According to Coin Metrics, the leading cryptocurrency saw a surge of over 7%, reaching $103,134.31, with an earlier peak at $103,844.05.
This impressive rise marks a staggering 140% increase in 2024 alone and a 48% jump since the recent elections.
This price surge coincided with the announcement by President-elect Donald Trump regarding his intention to nominate Paul Atkins as the new chair of the Securities and Exchange Commission.
This move fulfills a key campaign promise aimed at the crypto sector, signaling a potential shift away from the regulatory stance of Gary Gensler, who has been perceived as a major obstacle for the industry due to his enforcement-heavy approach.
For many long-term Bitcoin investors, this moment is a cause for celebration.
These steadfast holders, who have weathered numerous market fluctuations while facing skepticism from government and financial institutions, are finally seeing their patience rewarded.
Bitcoin’s origins are steeped in a desire for decentralization, proposed by its creator, Satoshi Nakamoto, during the 2008 financial crisis as a way to facilitate direct online payments without intermediaries.
In recent years, the cryptocurrency has gained significant traction among institutional investors.
The launch of the first spot Bitcoin ETFs by major firms like BlackRock, Fidelity, and Invesco earlier this year has been likened to Bitcoin’s “IPO” moment, driving demand and consequently boosting prices.
Further momentum is expected as Charles Schwab’s incoming CEO Rick Wurster indicated that the firm is preparing to enter the spot crypto trading space, contingent on anticipated regulatory changes in the upcoming Trump administration.
On the same day, Federal Reserve Chair Jerome Powell characterized Bitcoin as “just like gold, only it’s virtual,” emphasizing that while it isn’t widely used as a currency or store of value, it does serve as a competitor to gold rather than the dollar.
Mike Novogratz, CEO of Galaxy Digital, remarked on the current landscape, stating, “We’re witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream.”
While the $100,000 mark was widely anticipated following the elections, the rapid approach to this milestone has exceeded expectations, with Bitcoin nearly touching $99,849.99 just weeks prior.
Optimism surrounds the potential for the new administration to implement several pro-crypto initiatives in the coming year, including the establishment of a national Bitcoin reserve, tax-free crypto transactions, and increased opportunities for crypto public equity markets.
Novogratz added a note of caution, stating, “Over the long term, I’m bullish.
It won’t be a straight line up, and investors should always consider taking gains off the table.
But with a pro-crypto administration about to take charge in the U.S., it’s hard for the rest of the world not to take notice.”
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