Bitcoin, the world’s largest cryptocurrency, crossed the $100,000 mark for the first time on December 5, hitting $103,047.71 by 8:55 AM, according to Coinmarketcap. The token’s market cap also surged 6.84% to $2.03 trillion, marking a milestone 16 years after its creation.
The rally comes amid optimism over President-elect Donald Trump’s apparent support for the sector. Trump recently nominated Paul Atkins, a crypto advocate, as the next chair of the US Securities and Exchange Commission (SEC).
A Reuters report highlighted expectations that Trump’s second term could create a crypto-friendly regulatory landscape.
Trump’s Crypto Ties Drive Investor Confidence
Trump’s connection to cryptocurrencies appears to be growing. In September, he and his sons launched World Liberty Financial, a decentralized finance platform. The former president, once critical of Bitcoin, has since declared ambitions to make the US the “crypto capital of the planet.”
“We have to be the biggest and the best. If the US doesn’t lead, China will,” Trump said during an X Spaces livestream.
His business ventures further signal his pivot toward digital assets. Trump’s social media company, Trump Media and Technology Group, is reportedly exploring the acquisition of crypto trading firm Bakkt.
Bitcoin’s Comeback Year
Bitcoin’s price has more than doubled in 2023, climbing 45% since Trump’s election victory on November 5. This surge contrasts with the token’s 2022 low of $16,000, defying concerns of a “bubble burst.”
Adding to the momentum, Trump’s close ally Elon Musk remains an outspoken crypto proponent, frequently endorsing Dogecoin on X (formerly Twitter).
With Trump’s political and business interests now intertwined with the crypto sector, the market’s outlook appears bullish, supported by heightened investor confidence in regulatory stability.