Bitcoin hits $100,000 for first time
Trump will enact crypto-friendly laws have increased the value of the largest cryptocurrency in the world.
Hours after Trump announced that he would appoint former Securities and Exchange Commission (SEC) commissioner Paul Atkins to lead the Wall Street watchdog, the milestone was accomplished.
In comparison to Gary Gensler, the current head of the SEC, Mr. Atkins is perceived as being far more pro-cryptocurrency.
The milestone of $100,000 sparked celebrations among cryptocurrency enthusiasts worldwide.
Interest has always been piqued by Bitcoin's extremely volatile value, with supporters responding with joy when it surpasses prior price benchmarks and with defiance when it falls.
However, this specific milestone has been eagerly awaited.
Regarding when the price will reach the number regarded as one of the holy grails of the cryptocurrency sector, charts, memes, and forecasts have been circulating on social media for weeks.
At a cost of nearly $100,000, millions of spectators even attended online watch parties.
One indicator of optimism in the cryptocurrency market, which is currently valued at an estimated $3.3 trillion, is the price of a single bitcoin, according to analysis firm Coin Market Cap.
The most recent spike was sparked by Trump's election triumph last month.
The president-elect has promised to convert the US into "the crypto capital of the planet"—a dramatic change considering that in 2021 he used to term Bitcoin a "scam."
The rapid rise in the price of Bitcoin is also noteworthy. A $100k valuation is more than double the price it began the year at and indicates a 40% increase on election day in the United States.
However, Bitcoin is much more than its wildly fluctuating value.
Becoming legal tender
El Salvador's president, Nayib Bukele, declared Bitcoin to be legal tender in September 2021.
Along with its primary currency, the US dollar, Bitcoin was required by law to be accepted by hair salons, supermarkets, and other businesses.
Reporters and Bitcoin aficionados flocked to the region, temporarily increasing travel to the nation.
The action did not gain the support that President Bukele had hoped for, despite his hopes that it would boost foreign investment and lower the cost of money exchange for locals.
Although he still hopes it will gain traction, the US dollar continues to rule the nation for the time being.
Bitcoin still draws interest from large corporations and investors in spite of all the chaos.
Indeed, some of the world's largest financial institutions included Bitcoin as a Spot Bitcoin ETF on their official asset lists in January 2024.
Similar to stocks and shares, they are based on the value of Bitcoin, but you are not required to own any.
These innovative items have been attracting billions of dollars from customers.
Businesses like Blackrock, Fidelity, and GrayScale have also been purchasing thousands of Bitcoins, which has caused its value to soar to all-time highs.
It's a significant turning point for cryptocurrency, with some enthusiasts thinking that Bitcoin is now getting the attention it deserves.
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