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Bitcoin surpassed the $100,000 threshold for the first time on Thursday, marking a historic achievement for the flagship cryptocurrency.
Author: Sahil Thakur
Bitcoin surpassed the $100,000 threshold for the first time on Thursday, marking a historic achievement for the flagship cryptocurrency. The milestone follows a wave of optimism sparked by Donald Trump’s presidential victory, alongside growing institutional interest and pro-crypto regulatory prospects.
At 04:20 GMT, Bitcoin traded at $102,793, climbing 2.6% from the previous session. The cryptocurrency has doubled its value in 2024, with a 45% surge in the four weeks since Trump’s election.
Trump’s administration has signaled a favorable stance toward digital assets. His nomination of Paul Atkins to lead the Securities and Exchange Commission (SEC) has bolstered confidence. Atkins, a known advocate for balanced crypto regulations, previously co-chaired the Token Alliance and served as an SEC commissioner. Industry stakeholders believe his leadership could usher in more transparent and supportive policies.
“Paul Atkins brings a pragmatic approach to the SEC,” said Trump on Truth Social, reinforcing his campaign promise to make the U.S. the “crypto capital of the planet.”
Market sentiment has also improved with the announcement of Bitcoin-focused initiatives, including the potential establishment of a national Bitcoin reserve and no taxes on crypto transactions.
Bitcoin’s growth has been underpinned by institutional adoption. The successful launch of U.S.-listed Bitcoin exchange-traded funds (ETFs) has attracted over $4 billion in investments. BlackRock, Fidelity, and other financial giants have introduced Bitcoin-focused products, driving broader market participation.
“Bitcoin at $100,000 is a testament to its resilience and growing acceptance,” said Mike Novogratz, CEO of Galaxy Digital. He attributed the surge to institutional interest, advancements in tokenization, and clearer regulatory pathways.
Russian President Vladimir Putin further amplified Bitcoin’s relevance in global markets by questioning the need for U.S. dollar reserves. Speaking on Monday, Putin suggested that Bitcoin could serve as a valuable alternative to the dollar in international finance. He emphasized the cryptocurrency’s potential to enable financial independence for nations while reducing reliance on traditional currencies like the dollar.
Putin’s remarks come amid heightened geopolitical tensions and efforts by Russia to insulate its economy from Western sanctions. Analysts see this as a potential signal of growing interest in Bitcoin as a reserve asset among non-Western nations.
“This statement underscores Bitcoin’s emergence as a neutral, borderless financial tool,” said Justin D’Anethan, a cryptocurrency analyst. “It highlights the shifting dynamics in global finance where decentralization plays a more prominent role.”
Bitcoin’s rise signals a paradigm shift in finance and technology, with increasing adoption and integration into mainstream markets. As pro-crypto initiatives gain traction under the new administration, Bitcoin’s role as a store of value and financial asset continues to solidify.
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