Bitcoin Blasts Past $100K Milestone, Here Is Why It's Going Bonkers
Bitcoin continues to surge and, for the first time ever, has reached and surpassed the $100,000 mark. That milestone represents a greater than 100% increase in value since the beginning of the year, when Bitcoin was trading for less than $45,000. It's an incredible achievement for what's proven to be the most resilient form for crypto to date.
At the time of this writing, Bitcoin, which is approaching the 16-year mark, is trading at around $101,780. The all-time high valuation underscores a recent resurgence in cryptocurrency that really took off when former President Donald Trump was re-elected to the White House. Trump has been an outspoken proponent of crypto, as has Elon Musk, who he appointed to spearhead a new Department of Government Efficiency (or DOGE, a playful reference to Dogecoin) initiative.
DOGE is not an official department and isn't likely to be one, but will in all likelihood serve a sort of an advisory board, providing outside counsel to President-elect Trump to make budget decisions once he takes office next month.
This has all helped Bitcoin skyrocket in recent weeks, though it reached new heights after Trump announced plans to nominate Paul Atkins to chair the Securities and Exchange Commission (SEC).
"Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World," Trump stated in a Truth Social post. "He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."
Atkins is currently the co-chair of Token Alliance, a cryptocurrency lobbying group for the Chamber of Digital Commerce. He's very much a proponent of crypto and his nomination could ultimately lead to deregulation in the crypto sector, hence a big reason why Bitcoin is booming to new heights.
Whether Bitcoin (and the crypto industry at large) continues to climb, time will tell. Crypto remains highly volatile, after all. For now at least, it's popular again and showing no signs of slowing down.
