The price of Bitcoin has hit $100,000 as its rally following Donald Trump’s electoral win continues. The cost of Bitcoin climbed 6.3% to $103,800 marking a 50% rise in Bitcoin value since Trump’s victory.
Bitcoin’s Wednesday Trading
Bitcoin first hit the $100,000 mark late on Wednesday evening after the price of one bitcoin had hovered just under $98,000 for nearly two weeks as its post-election bull run seemed to be dropping.
On Wednesday night, Bitcoin hit an all-time high of $103,900 before settling at around $103,100 just before midnight, representing a 7.62% increase within 24 hours.
The Donald Trump Effect
Throughout his campaign, Donald Trump alluded to Digital assets and Cryptocurrency as one of the most vital assets to be tapped into in his journey to make America great again. These allusions in turn raised the hopes of crypto enthusiasts and investors leading to an earlier surge in the value of bitcoin and several other crypto assets.
In a significant move towards this direction, Trump on Wednesday announced Paul Atkins as his pick for the Securities And Exchange Commission’s chair role replacing Gary Gensler who was widely seen as anti-cryptocurrency by crypto enthusiasts after the latter announced he was stepping down in January.
Crypto enthusiasts expressed Joy at the news of Gensler’s impending exit as the SEC under his leadership had undertaken several enforcement actions against crypto companies—including major exchanges.
Trump while announcing the appointment of Paul Atkins referenced Atkins’ pro-crypto view stating Adkins is one who “also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
What Next For Bitcoin?
Trump has vowed to create a “strategic national bitcoin stockpile” and to hold on to bitcoin the government seizes from criminals rather than auctioning it off, which is the current practice.
He has also stated he wants all cryptocurrencies to be mined, minted, and made in the USA as digital assets are set to define the future.
This pro-crypto disposition by Trump is set to increase the value of bitcoin further with the asset expected to rise to the position of becoming a viable alternative to Gold.
