Just hours after United States President-elect; Donald Trump appointed cryptocurrency advocate; Paul Atkins to head the US Securities and Exchange Commission (SEC), Bitcoin has surpassed $100,000 (£78,701) for the first time as a great rally continues.
Former SEC commissioner and Patomak Partners CEO Mr Atkins was described by Mr Trump as a “proven leader for common sense regulations.” Since departing the SEC, Mr. Atkins has spoken against excessive market regulation.
Speaking on Truth Social, Mr. Trump stated: “He believes in the promise of strong, creative capital markets that are receptive to investor needs and that provide capital to make our economy the best in the world.
“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Since Mr. Trump won the election on November 5, Bitcoin has increased to previously unheard-of levels. Just two years after plunging below 17,000 dollars (£13,430) with the collapse of cryptocurrency exchange FTX, the cryptocurrency has had a sharp increase, rising from 69,374 dollars (£54,805) on Election Day to 101,512 dollars (£80,194) on Wednesday.
It’s unclear how long Bitcoin will remain over the coveted $100,000 threshold. The future is unpredictable, much like everything else in the unstable crypto-verse. Some experts continue to caution about the hazards associated with investing, while others remain optimistic about future benefits.