Crypto chief Bitcoin’s value soared past $100,000 for the first time in history on Thursday, driven by optimism that Donald Trump‘s administration may deregulate the cryptocurrency sector.
The rallying was triggered by Trump’s decision on Wednesday to appoint Paul Atkins, a well-known crypto advocate, as the new head of the US Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner, has been a vocal critic of the regulator’s tough stance on cryptocurrencies. His appointment is seen as a U-turn from Trump’s scepticism of cryptocurrencies.
“I am delighted to announce the nomination of Paul Atkins to be the next chairman of the SEC,” Trump said in a statement. “Paul is a proven leader for common-sense regulations, and I am confident that he will do a great job promoting innovation and protecting investors.”
The news created excitement in the crypto community, with many investors betting on a more favourable regulatory environment under Atkins’ leadership.
“This strategic move has electrified the crypto community, fueling investor optimism about a potentially more accommodating regulatory landscape under Atkins’ watch,” said Stephen Innes, a market analyst at SPI Asset Management.
Elon Musk, a close friend and supporter of Trump’s, also welcomed the news. Musk, who has invested heavily in cryptocurrencies, reacted to Bitcoin’s surge on his X social media platform, writing simply: “Wow.”
The appointment of Atkins is expected to relax regulations on the crypto industry, potentially paving the way for greater integration into the US economy.
Bitcoin’s creation in 2008 aimed to establish a decentralized transaction platform free from mainstream financial institutions. However, cryptocurrency has faced numerous challenges and controversies, including extreme volatility, regulatory scrutiny, and criticism for facilitating illicit activities.
Despite these challenges, Bitcoin has continued attracting investors and enthusiasts, driven by its potential for high returns and growing acceptance as a legitimate form of currency.
The latest surge in Bitcoin’s value will likely fuel further debate about the cryptocurrency’s role in the global economy and its potential for future growth.
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