Crypto Supporters Compete to Lead US Regulators, Boosting Bitcoin

Bitcoin is making headlines once again as it inches closer to the $100,000 mark. This time, it’s thanks to potential changes in US financial regulations under the new administration. The digital asset saw a significant increase in value, reaching $97,361 before settling at $95,500 early Thursday morning in London.
Why the sudden surge? Well, it seems that crypto-friendly candidates are poised to take the reins at key regulatory bodies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These candidates could bring a more positive outlook on cryptocurrencies, undoing some of the stricter regulations imposed by the previous administration.
One of the top contenders for the position of SEC chair is Paul Atkins, a vocal supporter of cryptocurrencies. This shift in leadership could mean a more favorable environment for the crypto market as a whole. In fact, the industry has seen a massive $1 trillion surge since the US election on November 5.
The possibility of a national Bitcoin stockpile and the creation of a dedicated White House position for digital asset policy are also on the table. These potential moves signal a growing acceptance of cryptocurrencies on Wall Street and beyond.
While Bitcoin’s recent surge brought it within touching distance of the $100,000 milestone, it also faced a slight pullback in the following days. Critics like Nouriel Roubini caution against the volatility of Bitcoin, noting that it may not be the best option for wealth preservation.
Despite differing opinions, it’s clear that interest in Bitcoin is on the rise. With billions pouring into Bitcoin-focused exchange-traded funds (ETFs) since the election, the market is showing no signs of slowing down. According to Alex Thorn, head of research at Galaxy Digital LP, Bitcoin might just have the support it needs to make another run at the $100,000 mark.
As the debate continues, one thing is certain: Bitcoin’s journey to the $100,000 mark is far from over. Stay tuned for more updates on this evolving story.