Historical milestone for bitcoin

Published 5 December 2024 at 09.49

Economy. The cryptocurrency bitcoin reached a new historical milestone during the night Swedish time by exceeding 100,000 US dollars in value for the first time.

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The rise takes place after that US President-elect Donald Trump nominated Paul Atkins as a candidate for the post of head of the regulatory agency Securities and Exchange Commission (SEC).

Atkins, who is known for his positive view of cryptocurrencies, is expected to take a more permissive approach to the industry than his predecessor Gary Gensler if he is approved by Congress.

Since Trump's victory in the presidential election on November 6, bitcoin has risen sharply, from a level below $70,000. The new announcement of Atkins' nomination led to the cryptocurrency quickly crossing the historic $100,000 mark.

Trump, who previously criticized bitcoin, calling the cryptocurrency “non-money” and the financial bubble surrounding it a “castle in the air “, have now changed their attitude. Over the summer, he attended a major crypto conference in Nashville where he promised to create a “national strategic bitcoin reserve.” He has also started accepting cryptocurrencies as payment in his own business ventures.

– If cryptocurrencies are going to define the future, I want them to be mined, minted and created in the United States, Trump said at the event.

The incoming administration's crypto-friendly policies have led to optimistic expectations in the industry, which already supported Trump during the election campaign with large donations. However, skeptics, such as current Federal Reserve Chairman Jerome Powell, continue to view bitcoin as a speculative asset rather than a competitor to the dollar.