Bitcoin Surpasses $100K: A New Era in Cryptocurrency Amid Trump’s Bold Plans
Bitcoin has reached a significant milestone, breaking the $100,000 mark and even peaking at $103,000 on Thursday, marking a new era in the world of digital currencies. This surge follows President-elect Donald Trump’s vow to position the U.S. as "the crypto capital of the planet," a sharp contrast to his previous dismissive stance on cryptocurrencies during his first term. Bitcoin’s rise has been meteoric this year, with the currency seeing a 130% increase, making it one of the top-performing assets of 2024.
Trump’s evolving stance on crypto has played a pivotal role in this growth. Once critical of Bitcoin, calling it a "scam," he has now promised to establish a crypto advisory council to guide the nation’s crypto strategy. The council will include notable companies such as Ripple, Kraken, and Circle, all vying for a seat at the table. Trump’s interest in cryptocurrency extends further with his nomination of Paul Atkins, a recognized cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC). Atkins’ involvement in crypto policy as co-chair of the Token Alliance highlights the growing legitimacy of cryptocurrencies in the eyes of mainstream financial institutions.
Prominent crypto figures like Anthony Pompliano and Dan Held are optimistic about Bitcoin's future. Pompliano noted how early adopters of Bitcoin recognized its potential long before the world took notice, while Held emphasized that Bitcoin’s crossing of the $100K threshold represents a broader shift toward accepting digital currencies as a future reserve currency. Mike Novogratz, CEO of Galaxy Digital, echoed these sentiments, suggesting that Bitcoin and other digital assets are on the verge of mainstream financial acceptance.
This milestone also underscores a global shift in financial systems, with Bitcoin slowly gaining recognition as a reliable store of value and a symbol of financial freedom. While Trump’s personal interest in crypto continues to fuel optimism, the market remains cautious, with crypto’s notorious volatility and environmental concerns still looming large. The aftermath of the Sam Bankman-Fried scandal and his subsequent jailing has also left a dent in the reputation of the sector.
Experts predict that Bitcoin may see short-term dips as investors take profits after hitting this milestone, but once these sell orders are cleared, the digital currency could surge even further. Some suggest Bitcoin could hit $120,000 by Christmas, as the ecosystem matures and regulatory frameworks become more favorable.
In conclusion, Bitcoin's rise to $100K symbolizes a broader acceptance of cryptocurrencies as viable financial assets. With Trump’s plans to make the U.S. a hub for crypto innovation and his government’s involvement in crypto regulation, the digital asset space is poised for even greater developments in the near future.
Refrence From: www.ndtv.com