Bitcoin surged towards $100,000 on Thursday, driven by growing optimism that the incoming Trump administration may promote a favorable regulatory climate for cryptocurrencies.
In late U.S. trading, Bitcoin traded between $98,000 and $99,000, briefly touching $99,073. The cryptocurrency has more than doubled in value this year, with a 40% increase in just two weeks following Donald Trump’s election and the rise of pro-crypto lawmakers in Congress.
Trump has expressed strong support for digital assets, pledging to make the U.S. the “crypto capital of the planet” and advocating for the creation of a national Bitcoin reserve. Investors also anticipate reduced regulatory scrutiny with the potential replacement of Securities and Exchange Commission (SEC) chair Gary Gensler, who has been critical of the crypto industry.
The announcement of Trump’s new venture, World Liberty Financial, along with endorsements from crypto advocates like Elon Musk, has further fueled market optimism.
Bitcoin’s ascent marks a significant milestone in its journey toward mainstream adoption. After falling below $16,000 in late 2022, Bitcoin has rebounded sharply, aided by the approval of Bitcoin exchange-traded funds (ETFs) earlier this year.
The SEC, which had long resisted approving such products due to investor protection concerns, recently approved ETFs, providing broader access to Bitcoin for institutional investors.