Bitcoin is on the brink of reaching the $100,000 milestone as investors rally behind the prospect of a more crypto-friendly regulatory environment under United States President-elect Donald Trump. The world’s leading cryptocurrency surged to $99,073 on Thursday, continuing its rapid ascent since Trump’s re-election on November 5.
The digital asset has seen an over 60% increase since election day, fueled by speculation that Trump’s administration will ease regulatory and legal barriers for cryptocurrency use. During his first term, Trump labeled Bitcoin a “scam,” but his campaign’s acceptance of crypto donations and subsequent promises to make the US “the crypto capital of the planet” have significantly altered investor sentiment. Trump has also pledged to establish a national Bitcoin reserve, further reinforcing optimism among crypto enthusiasts.
Adding to the bullish momentum, Trump and his three sons announced in September the launch of their own cryptocurrency venture, World Liberty Financial. This move has been interpreted by investors as a sign of Trump’s growing confidence in the sector and his commitment to supporting its growth.
In a development seen as another positive signal for the cryptocurrency market, United States Securities and Exchange Commission (SEC) Chair Gary Gensler, who faced criticism from the crypto community for his aggressive enforcement actions, confirmed he will step down in January. Although Trump pledged to remove Gensler on “day one” of his presidency, he does not have the authority to dismiss the SEC chair before the end of their term. Gensler’s departure, however, is seen as paving the way for a less adversarial approach to crypto regulation under the new administration.
Bitcoin’s rise comes amid a backdrop of dramatic volatility and mixed government attitudes toward cryptocurrencies worldwide. The asset hit an all-time high of $69,000 in late 2021 before plummeting to below $16,000 the following year. Since then, it has regained momentum, surpassing its previous peak in March 2023 with a remarkable 300% gain since November 2022.
While the cryptocurrency market offers the promise of significant returns and financial independence, it remains prone to sharp fluctuations and regulatory crackdowns. Nonetheless, the possibility of a pro-crypto administration under Trump has reignited investor confidence, pushing Bitcoin closer than ever to the $100,000 mark. The coming months will reveal whether these policy expectations translate into tangible benefits for the broader crypto ecosystem.
