Bitcoin price surpassed $100,000 for the first time

It is natural that over the past few weeks, the dynamics of the rate of the oldest cryptocurrency have been determined by the statements of the future US presidential administration, and the decisive breakthrough for Bitcoin was no exception. After Trump appointed cryptocurrency supporter Paul Atkins to head the US Securities and Exchange Commission, Bitcoin soared 7% to $103,195.

Image source: Unsplash, Traxer

Thus, for the first time, the $100,000 mark per coin was surpassed, although Bitcoin was already approaching this level on November 22. Explaining Atkins’ nomination to head the SEC, US President-elect Donald Trump said on his social network Truth Social that he believes in the possibility of creating a strong market for innovation capital that responds to the needs of investors while providing the necessary resources to transform American economy to the best in the world. “He also understands that digital assets and other innovations are critical to making America the greatest power in history,” Trump commented on the appointment.

Gary Gensler, who during the administration of Joseph Biden was responsible for attempts to introduce government regulations in the field of cryptocurrency turnover, will remain as head of the SEC until January 20. At the same time, US Federal Reserve Chairman Jerome Powell compared the use of Bitcoin to the purchase of gold by citizens. According to him, this cryptocurrency is little used as a means of payment, but is largely a speculative asset with high volatility, albeit virtual. And if we talk about Bitcoin’s competition with other currencies or assets, then we need to compare it not with the dollar, but with gold. Since the beginning of the year, the Bitcoin rate has increased by 140%, and after Trump’s election victory, it increased in price by 48%.