Bitcoin has soared above $100,000 for the first time, marking a historic milestone in the cryptocurrency’s volatile journey. The dramatic rally comes as investors bet on favorable political and regulatory changes under U.S. president-elect Donald Trump, who has pledged to make the United States “the bitcoin superpower of the world.”
Since Trump’s election victory in November, Bitcoin’s value has surged over 40%, fueled by optimism over his pro-crypto appointments. Trump’s nomination of crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC) has heightened expectations of a friendlier regulatory environment. Atkins is part of a broader group of crypto enthusiasts tapped for high-profile roles, including Howard Lutnick at the Commerce Department and Elon Musk as co-chair of a new “Department of Government Efficiency” initiative—humorously dubbed DOGE after the popular cryptocurrency Dogecoin, which has seen its own price jump 150% since the election.
The milestone is a sharp reversal from the market’s bleak outlook two years ago, when Bitcoin plunged to $16,000 following the collapse of FTX in late 2022. The industry faced heavy scrutiny under former SEC Chair Gary Gensler, whose tenure saw aggressive enforcement actions against major players such as Coinbase, Kraken, and Ripple. Gensler stepped down in November amid criticism that his focus on crypto came at the expense of broader market oversight.
“Bitcoin reaching $100k is an incredible milestone for our movement,” Kris Marszalek, CEO of Crypto.com, wrote on X (formerly Twitter). “We never doubted. We never wavered. And we will never stop building.”
Institutional Money Fuels Rally
Bitcoin’s rise has also been powered by a wave of institutional investment. Exchange-traded funds (ETFs) from mainstream asset managers like BlackRock and Fidelity, approved earlier this year, have attracted billions in inflows. BlackRock’s Bitcoin ETF alone boasts $45 billion in assets under management.
Since November, institutional investors have poured $4.4 billion into Bitcoin funds, bringing total inflows to a record high. Software company MicroStrategy, led by Bitcoin advocate Michael Saylor, announced plans to raise $42 billion through share sales for additional Bitcoin purchases, adding momentum to the rally.
A New Chapter for Crypto
Trump’s apparent pivot on cryptocurrency—after previously calling it a “scam”—aligns with millions in campaign contributions from crypto backers. Industry leaders now anticipate what they describe as a “golden era” for the sector, buoyed by regulatory clarity and increased adoption by traditional financial institutions.
“This Bitcoin bull run is different,” said Cameron Winklevoss, co-founder of Gemini. “We have a pro-tech president-elect, a red Senate, a red House, and a popular vote mandate to build.”
