Bitcoin hits $100,000 for first time on Wednesday rising to new record after President elect Donald Trump announced administration picks seen as key to ushering in crypto friendly policies when he takes office in January.
The latest milestone builds on rally set in motion Trump was projected to win the presidency on November 6 which fueled a $60000 one day spike in bitcoin that brought it to new record above $74,000.
Chief among picks is Paul Atkins whom Trump intends to nominated to lead securities and exchange commission SEC which regulates cryptocurrency.
Atkins a crypto advocate and former SEC commissioner is expected to regulate cryptocurrency with a lighter touch than Gary Gensler who lead commission under Biden Administration Gensler who aggressively fought industry expansion in US is set to resign on Inauguration Day.
Bitcoin is up 130% for year so far with post election rally accounting for portion of its gains.
Its performance far outpaces the S&P 500 which is up 28$ over same period.
Trump media company which owns Truth Social is in talks to purchase crypto trading forum Bakkt.
“If you like bitcoin at $100,000 you are going to love it at $1 million”
Trump once a crypto skeptic had called it not money labelling it highly volatile and based on thin air”
He took a 180 turn in months leading up to his reelection as he sought to attract younger male voters who tend to own more crypto compared to demographic groups.
Trump headline the crypto convention in Nashville where he vowed to create a strategic national bitcoin stockpile and hold on to bitcoin government seizes from criminals rather than auctioning it off which is current practice”,
“if crypto is going to define the future i want it to be minted and made in USA”