Historic Milestone: Bitcoin Surpasses $100,000 Amid Optimistic Trump Administration
On December 5, 2024, Bitcoin achieved a historic milestone, surpassing $100,000 for the first time. This marked a spectacular 133% gain for the year. The cryptocurrency reached a peak of $103,679 during trading, driven by optimism over President-elect Donald Trump’s pro-crypto administration picks.
The rally gained momentum after Trump announced Paul Atkins as his nominee to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner and a crypto advocate, is expected to regulate cryptocurrency with a lighter touch compared to current Chair Gary Gensler, who has pursued aggressive enforcement actions against the industry.
The surge has been fueled by institutional adoption through Bitcoin ETFs, which launched in January 2024 and have attracted over $100 billion in assets. BlackRock’s iShares Bitcoin Trust alone holds $50 billion in assets.
Federal Reserve Chair Jerome Powell added credibility by comparing bitcoin to gold, calling it “just like gold, only it’s virtual.” Trump congratulated bitcoin holders on Truth Social, saying “YOU’RE WELCOME!!” for his role in the milestone. The president-elect has promised to make the U.S. “the crypto capital of the planet” and create a strategic national bitcoin stockpile.