Bitcoin Surpasses $100,000 as Cryptocurrency Advocate Chosen to Lead Financial Oversight
Bitcoin has reached an impressive milestone, with its value climbing above $100,000 for the first time. As of 4 am in the UK, the renowned cryptocurrency was trading at $103,280 (£81,160), marking a significant 7.9% increase in just 24 hours.
This surge in Bitcoin’s value began on November 5, coinciding with the US election. Since then, Bitcoin’s price has soared by approximately 45%, rising from $69,374 (£54,608). The recent spike has also been attributed to Donald Trump’s nomination of Paul Atkins to chair the Securities and Exchange Commission (SEC) on the same day that Bitcoin passed the $100,000 mark.
Paul Atkins, a former SEC commissioner during George W. Bush’s administration, has been a prominent advocate for reducing market regulation and supporting cryptocurrencies. Trump praised Atkins on Truth Social, stating his belief in strong, innovative capital markets that benefit investors and the economy, along with the recognition of the importance of digital assets in boosting America.
For those unfamiliar with cryptocurrency, it’s essentially digital money that operates through a decentralized online network, without government or bank oversight. Transactions involving cryptocurrencies like Bitcoin are recorded on a shared digital ledger called the blockchain. These digital coins can be highly volatile, leading to rapid price fluctuations. The UK’s Financial Conduct Authority has categorized cryptocurrencies as high-risk investments and advocates for more regulation.
Despite Trump’s previous reservations about digital currency, he aims to position the US as a global hub of cryptocurrency and establish a Bitcoin reserve. This demonstrates a significant shift in his stance during the recent election campaign.
