Bitcoin hit $100,000 for the first time on Wednesday, rising to a new record high after President-elect Donald Trump unveiled administration picks seen as holding the keys to introducing crypto-friendly policies when he takes office in January .
Chief among the picks is Paul Atkins, whom Trump intends to nominate to lead the Securities and Exchange Commission (SEC), which regulates cryptocurrencies.
Atkins, a crypto advocate and former SEC commissioner, is expected to regulate cryptocurrency with a lighter touch than Gary Gensler, who heads the commission under the Biden administration. Gensler, who aggressively fought the expansion of the industry in the US, will step down on Inauguration Day, CNN reports.
The new spike builds on the stunning rally launched since Trump was tipped to win the presidency on Nov. 6, which fueled a $6,000 one-day rally in bitcoin that took it to a new record high above $74,000. A week later, it reached $90,000.
Bitcoin is up 130% year-to-date, with the post-election rally accounting for a significant portion of its gains. Its performance has far outpaced the S&P 500, which has risen 28% over the same period.
Trump, once a crypto skeptic, had called it "not money", labeling it "very volatile and based on air". But he made a U-turn in the months leading up to his re-election as he tried to appeal to younger male voters, who tend to own more crypto than other demographic groups.
In July, Trump headlined the largest crypto convention in Nashville, where he pledged to create a "national strategic bitcoin warehouse" and hold bitcoins the government takes from criminals instead of auctioning it off, which is the practice current.
"If crypto is going to define the future, I want it to be mined, minted and manufactured in the USA", Trump said.
Then, in September, Trump launched his own cryptocurrency business called World Liberty Financial. That month, he also bought hamburgers from a bar in Manhattan frequented by crypto enthusiasts who used bitcoin. "History is being made," he declared.
Additionally, Trump's media company, which owns Truth Social, is said to be in talks to buy crypto trading forum Bakkt, according to the Financial Times.
