Bitcoin has surpassed the long-awaited $100,000 threshold, reaching a new high of approximately $103,500, marking a significant milestone in its price trajectory.
The cryptocurrency, which has been on an upward trend throughout 2024, is now up more than 140% for the year and has gained 48% since the recent elections.
This surge follows a series of positive developments, including increasing institutional interest and Bitcoin ETF inflows.
This followed President-elect Donald Trump’s announcement of his intention to nominate Paul Atkins as the next Securities and Exchange Commission chair.
This move is seen as fulfilling Trump’s promise to the crypto industry, addressing widespread dissatisfaction with the current chair, Gary Gensler.
Gensler has faced significant criticism from the crypto community for his approach of “regulation-by-enforcement,” which many see as harsh and uncooperative.
It’s a moment of triumph for long-time Bitcoin investors, many of whom have held onto their assets through numerous market cycles, including periods of extreme volatility. During these times, both government institutions and financial authorities were often dismissive, or even hostile, toward cryptocurrencies.
Despite the skepticism and regulatory challenges, these investors—referred to as “HODLers”—have seen their patience pay off with Bitcoin now surpassing the $100,000 milestone, a significant achievement for the cryptocurrency.
On Wednesday, Federal Reserve Chair Jerome Powell, compared Bitcoin to gold, describing it as “just like gold, only it’s virtual, it’s digital,” during a discussion at the DealBook conference.
He clarified that Bitcoin is not a competitor to the U.S. dollar. He emphasized that Bitcoin is primarily a competitor to gold, describing it as “just like gold, only it’s virtual, it’s digital.”
