Bitcoin surpassed $100,000 for the first time early Thursday, continuing a dramatic rally fueled by expectations of greater political and regulatory support under U.S. President-elect Donald Trump.
The milestone was reached at 5:33 a.m. Moscow time (2:33 a.m. GMT) as Bitcoin surged 4.49%, and by 5:42 a.m. Moscow time (2:42 a.m. GMT), it had climbed to $101,000, up 5.63% for the day.
The rally, which has seen Bitcoin rise more than 40% since Trump’s November election victory, is driven by investor optimism about the cryptocurrency’s future. Trump has long pledged to make the U.S. a global cryptocurrency hub, and his recent nominations—including crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC)—have raised hopes for a more favorable regulatory environment.
In addition to regulatory support, Bitcoin and other cryptocurrencies are viewed as potential defensive assets during geopolitical crises, further fueling their appeal. The launch of Bitcoin-focused exchange-traded funds (ETFs) in January and a spike in institutional investments, including billions from firms like BlackRock and Fidelity, have also contributed to the increase.
Crypto executives now predict a “golden era” for the industry under the Trump administration. “Interest in [crypto] is pretty much unstoppable,” said Geoff Kendrick, head of digital assets research at Standard Chartered.
This milestone marks a dramatic shift for the sector, which faced a crisis two years ago following the collapse of FTX, a scandal that sent Bitcoin’s price plummeting to $16,000. Since then, the regulatory landscape has been turbulent, with the SEC under Gary Gensler launching lawsuits against major crypto players, including exchanges Coinbase and Kraken.
However, with favorable policies on the horizon, experts expect an influx of capital into the market. Bitcoin’s surge past $100,000 signals a new chapter for both the cryptocurrency and the broader digital assets market.
“This Bitcoin bull run is different,” said Cameron Winklevoss, co-founder of crypto exchange Gemini. “We have a pro-tech president-elect, a red Senate, a red House, and popular vote mandate from the country to build.” (By “red”, he means a Republican-controlled Senate and House.)