Bitcoin reaches $100,000 on Trump's pro-crypto SEC pick, Putin's comments
2024-12-05

Bitcoin prices have reached an all-time high of $100,000, after a brief pause seen in the recent rally, that has been powered by the anticipation that Trump 2.0 administration will be friendlier to the digital asset. Trump has picked Paul Atkins to succeed outgoing SEC Chair Gary Gensler, who had implemented strict regulations on digital assets.
Donald Trump has promised to appoint regulators more agreeable to the digital asset industry, and has plans for a strategic stockpile of Bitcoin. The recently concluded US election also saw candidates supportive of cryptocurrencies emerge as lawmakers.
Some Bitcoin participants also attributed the comments from Russian President Vladimir Putin to the rally. Putin had said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies.
The market capitalization of the crypto asset is now just shy of $2 trillion level. To put this in context, Nvidia and Apple's market capitalisation is just over $3.5 trillion and $3.6 trillion respectively.
The market capitalization of all the gold in the world is roughly $17.7 trillion.
The enthusiasm around bitcoin is expected to continue, especially in anticipation of supportive policies from the incoming Trump administration, which is encouraging a favourable environment for the digital asset.This is being updated