Bitcoin Hits $100, 000: Trump's Election Drives Crypto Optimism

Bitcoin hit a new high recently, surpassing $100, 000 for the first time. This surge is largely due to the election of Donald Trump as the U. S. president. Trump's pro-crypto stance and promises to create a friendly regulatory environment for digital currencies have sparked optimism among investors. Bitcoin's value has more than doubled this year and has risen about 45% since Trump's election victory. Mike Novogratz, founder of Galaxy Digital, sees this as a "paradigm shift" for bitcoin and the digital asset ecosystem. He believes this momentum is driven by institutional adoption, advancements in payments, and clearer regulatory paths. Trump's campaign promises, such as making the U. S. the "crypto capital of the planet, " have been well-received by crypto investors. They expect an end to the increased scrutiny under the current SEC Chair, Gary Gensler, who is stepping down in January. Trump has also nominated Paul Atkins, a former SEC commissioner with crypto policy experience, to lead the SEC. Several crypto companies are eager to join Trump's promised crypto advisory council. Billionaire Elon Musk, a Trump ally, is also a supporter of cryptocurrencies. Bitcoin's recent rebound from a low of $16, 000 in late 2022 was boosted by the approval of bitcoin exchange-traded funds (ETFs) in January this year. Despite the rise, critics remain. The industry faced scandals like the collapse of FTX and concerns about energy usage and crypto crime. However, some analysts predict that bitcoin's price could reach $120, 000 by Christmas.