Bitcoin surpassed the significant $100,000 milestone on Thursday, driven by optimism surrounding pro-crypto regulations under President-elect Donald Trump and comments from Federal Reserve Chair Jerome Powell likening the cryptocurrency to gold.
The digital asset climbed 5.9% to a record $101,438.9 during Asian trading hours. The $100,000 level, considered a key psychological barrier, could signal further strength for Bitcoin.
The surge came as Trump nominated Paul Atkins, a former SEC Commissioner known for his pro-crypto stance, to lead the U.S. Securities and Exchange Commission. Atkins is set to replace current SEC Chair Gary Gensler, who has spearheaded a stringent regulatory crackdown on cryptocurrencies over the past two years.
Traders welcomed Atkins’ nomination, viewing it as a shift toward more favorable regulations for the crypto sector.
Further supporting Bitcoin’s rally were remarks by Fed Chair Jerome Powell, who compared the cryptocurrency to gold rather than an alternative to the U.S. dollar. Powell also described Bitcoin as a speculative asset.
Bitcoin has gained roughly 140% in 2024, with the majority of its rally occurring in November following Trump’s election victory. The President-elect has pledged to introduce crypto-friendly policies, aiming to position the United States as the global leader in cryptocurrency innovation.
