Bitcoin Price Surges to All-Time High of $100027ourced Political Factors Boost Crypto Excitement
Bitcoin has surpassed $100,000 for the first time ever, reaching a new record high in an exciting rally that was triggered by Donald Trump’s election win. The largest cryptocurrency in the world, known for its volatile market behavior, has been on the rise in recent weeks on hopes that the upcoming presidency will bring about lighter regulations and supportive policies.
As of 8pm PT Wednesday, Bitcoin hit an all-time high of $102,888 per coin. Since election day, it has surged by an impressive 45%, with other cryptocurrencies also experiencing similar gains.
According to Mike Novogratz, founder and CEO of the US crypto firm Galaxy Digital, “We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream. This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
This achievement of crossing the six-figure mark is a significant milestone for Bitcoin, a digital currency created in 2008 by an unknown software developer under the pseudonym Satoshi Nakamoto.
Proponents of Bitcoin and the wider crypto market see it as the future of finance. While its value has seen dramatic fluctuations, the belief that it could become a mainstream method of payment for goods and services has yet to fully materialize.
Justin d’Anethan, a Hong Kong-based independent crypto analyst, remarked, “Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics. The figure not that long ago dismissed as fantasy stands as a reality.”
Interestingly, Trump, who had previously criticized Bitcoin as a “scam,” changed his stance during his recent presidential campaign. His team accused the Democrats of planning an “un-American crypto crackdown” under Joe Biden and promised to support Bitcoin mining, the ownership of crypto assets by US citizens, and transactions free from government surveillance and control. Crypto enthusiasts are hopeful that Trump will appoint a pro-crypto head of the Securities and Exchange Commission.
