Bitcoin, the world’s leading digital currency, soared to an unprecedented high of $99,073 on Thursday, fueled by growing expectations that U.S. President-elect Donald Trump will create a more favorable regulatory landscape for cryptocurrencies. The surge comes as crypto enthusiasts bet on a significant shift in policy under Trump’s incoming administration.
Since Trump’s re-election on November 5, Bitcoin has climbed over 60%, reflecting investor confidence that the president-elect will dismantle legal and regulatory obstacles to cryptocurrency use. Despite having labeled Bitcoin a “scam” during his first term, Trump embraced cryptocurrency donations during his campaign and has vowed to establish the U.S. as the “crypto capital of the planet.” As part of his vision, Trump pledged to build a national Bitcoin reserve. Further boosting optimism, Trump and his sons announced in September the launch of their own cryptocurrency venture, World Liberty Financial, which has been interpreted as a clear endorsement of the sector’s potential.
Adding to the market’s momentum, United States Securities and Exchange Commission (SEC) Chair Gary Gensler, known for his stringent enforcement actions against crypto companies, confirmed he would step down in January. While Trump had previously vowed to remove Gensler on his first day in office, the SEC chair’s planned resignation provides relief to crypto investors seeking less regulatory hostility.
Bitcoin’s dramatic rise is a stark contrast to its recent history of volatility. After reaching a record $69,000 in late 2021, the cryptocurrency plummeted to below $16,000 the following year. However, it began an extraordinary recovery in late 2022, tripling in value by March 2023 and now nearing the $100,000 milestone.
