The price of Bitcoin has crossed the 100,000 USD mark for the first time, reaching a new record. The value of the world's largest cryptocurrency was boosted by hopes that US President-elect Donald Trump would adopt crypto-friendly policies.
The milestone was reached hours after Trump said he would nominate former Securities and Exchange Commission (SEC) Commissioner Paul Atkins to run the Wall Street regulator, the BBC reported.
Atkins is believed to be a much bigger proponent of cryptocurrency than current SEC chief Gary Gensler.
Bitcoin's wildly fluctuating value has always attracted interest, with supporters reacting positively when it crosses previous price thresholds, as well as challenging during the downturn.
The value of one bitcoin is among the barometers of optimism in the cryptocurrency industry, which is now valued at $3.3 trillion. USD, according to analyst firm Coin Market Cap.
Trump's election victory last month was the catalyst for the latest surge.
The president-elect has vowed to turn the US into the “crypto capital of the planet” – a remarkable twist given in 2021 when he called bitcoin a “fraud“.
It is also remarkable how the price of Bitcoin has skyrocketed. A valuation of USD 100,000 represents a 40% increase on US Election Day and more than double the price at which it started the year.
But there is much more to Bitcoin than its dizzying swings in value.