price of Bitcoin It breached the long-awaited $100,000 threshold for the first time late Wednesday night.
By Thursday afternoon, the flagship cryptocurrency had retreated from the milestone. It was recently up 0.28% to $99,140.00, according to Coin Metrics, trading at the lows of Thursday’s trading as investors took profits. It rose to $103,844.05 on Wednesday night.
The move comes after President-elect Donald Trump announced plans to nominate Paul Atkins to head the Securities and Exchange Commission. The appointment could fulfill President Trump’s most important campaign promise to the crypto industry. He replaces Gary Gensler, who under his leadership became something of a villain in the crypto world due to the agency’s regulatory approach to the industry.
President Trump congratulated Bitcoiners on Thursday morning in a post on Truth Social, saying they were “welcome” and “Together we will make America great again” for helping send $100,000 in Bitcoin. Ta.
This day marks the end of several Bitcoin boom and bust cycles during which governments and financial institutions have been negative and even hostile towards Bitcoin, putting their lives on the line. It’s a day to celebrate long-time Bitcoin investors who have held on, or “HODLed.” asset class.
That’s largely due to cryptocurrencies’ anti-establishment roots. The initial idea of Bitcoin was proposed in the midst of the 2008 financial crisis. “Peer-to-peer versions of e-money allow online payments to be transferred directly from one party to another without going through a financial institution,” the founders said. , Satoshi Nakamoto wrote in the Bitcoin White Paper:
However, in recent years, the industry has demonstrated the value of Bitcoin to many institutional investors. black rockfidelity, invesco launched the first Spot Bitcoin ETF earlier this year, at the moment of Bitcoin’s “IPO,” and growing demand for them by institutional investors helped push prices higher. In November, incoming CEO Rick Wurster said: charles schwabstated that the company is preparing to enter spot trading of cryptocurrencies, pending regulatory changes expected under the incoming Trump administration.
On Wednesday, Federal Reserve Chairman Jerome Powell, speaking at the Deal Book conference, said Bitcoin is “like gold, only virtual and digital.” He added that “people are not using gold as a means of payment or as a store of value” and clarified that “gold is not a competitor to the dollar, it is actually a competitor to gold.”
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are entering the financial mainstream,” said CEO of Galaxy Digital. Mike Novogratz told CNBC.
Since the US presidential election, Bitcoin was widely expected to reach the landmark $100,000 level. However, excited investors pushed Bitcoin closer to this level much faster than originally expected. It rose to $99,849.99 on November 22nd.
President Trump has announced several pro-crypto initiatives over the coming year, including creating a National Strategic Bitcoin Reserve or stockpile, eliminating taxes on crypto transactions, and opening up the crypto public stock market with more IPOs. There are many expectations for its implementation.
“Long-term, I’m bullish,” Novogratz added. “It won’t be a straight line, and investors should always consider taking profits off the table. But with a pro-crypto administration about to take office in the US, it won’t be that way for the rest of the world. It will be difficult.” Be careful. ”
Bitcoin is currently up over 133% in 2024 and 42% since the election.
