The digital currency Bitcoin rose more than 5% on Thursday, with its price exceeding the threshold of $100,000 for the first time in its history, prompted by hopes placed on the imminent return of former Republican President Donald Trump to the White House and expectations that he will approve more flexible legislation in the field of cryptocurrencies.
The price of Bitcoin reached a new record level at $102,888 in early Asian trading, just hours after Trump announced his intention to ease regulatory oversight of the digital currency industry and that he would appoint, upon assuming office on January 20, Republican lawyer Paul Atkins, who supports developing… Digital currencies, Chairman of the Securities and Exchange Regulatory Authority.
Paul Atkins, who was a commissioner in this body between 2002 and 2008 during the era of former President George Bush, will succeed Democrat Gary Gensler, who announced his resignation at the end of November after Trump won the presidential elections.
Atkins currently serves as Managing Director of Patomac Global Partners, a risk management consulting firm, and is also an advisor to Digital Chamber, an organization that promotes the blockchain technology on which cryptocurrencies are based.
The value of Bitcoin has more than doubled this year and has risen by about 45% in 4 weeks since Trump’s landslide election victory on November 5, which was also accompanied by the election of a large number of pro-cryptocurrency lawmakers in Congress, while the value of Bitcoin has increased since the beginning of the year by 134%.
The price of Bitcoin rose from $69,374 on Election Day to its highest level at $101,512 on Wednesday, just two years after it fell below $17,000 following the collapse of the FTX trading platform.
Trump described digital currencies during his first term as a scam, but his position completely changed in this regard, and he even launched his own digital currency, pledging to make the United States “the global capital of Bitcoin and digital currencies.”
Announcing his intention to appoint Atkins, Trump said that the next head of the Financial Markets Regulatory Authority “understands that digital assets are necessary to make America greater than it has ever been.”
However, uncertainty dominates the future, as the cryptocurrency market experiences significant fluctuations. While some expect continued gains, other experts warn of the risks associated with investing in this sector.
