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Bitcoin has reached a historic milestone, surpassing $100,000 for the first time. This surge is largely attributed to the recent election of President-elect Donald Trump, who has expressed strong support for cryptocurrency. The value of Bitcoin rose significantly after Trump announced his intention to nominate Paul Atkins, a known cryptocurrency advocate, as the next chair of the Securities and Exchange Commission (SEC). Atkins previously served as an SEC commissioner during George W. Bush's presidency and has since been involved in cryptocurrency advocacy.
The cryptocurrency's price soared from $69,374 on Election Day to over $103,000 on Wednesday (December 4), according to CoinDesk. Although it dipped slightly to below $102,000 by midday Thursday (December 5), Bitcoin's value remains up nearly 7% over the last day. The rally comes just two years after Bitcoin's price fell below $17,000 following the collapse of the crypto exchange FTX.
President-elect Trump, who once held skeptical views on cryptocurrency, has pledged to make the U.S. a leading hub for crypto innovation. He has also launched World Liberty Financial, a venture aimed at trading cryptocurrencies. On his social media platform, Truth Social, Trump congratulated "BITCOINERS" and appeared to take credit for the recent price surge, stating, "YOU'RE WELCOME!!!"
The crypto community is optimistic about potential regulatory changes under Trump's administration that could enhance the legitimacy of digital currencies. However, experts continue to warn about the inherent risks and volatility associated with Bitcoin investments.