Bitcoin hits an “epic milestone”, reaching an all-time high of $100,100. The currency reached a peak of $103,000 on Thursday.
The digital currency has surged more than 130 percent so far this year, with President-elect Donald Trump promising to make the US the “crypto capital of the planet.” However, this signals a changed stance as Trump called cryptocurrencies a “scam” during his first term.
He has also promised the country a crypto advisory council, for which several crypto companies including Ripple, Kraken and Circle are competing for the seat.
“There are a lot of people around the world who did their homework, they thought independently and critically, and they bought this thing that no one ever thought about before,” Anthony Pompliano, CEO of Professional Capital Management and crypto enthusiast, posted on Hadn’t heard.”
Since Trump’s victory, Bitcoin has seen astonishing growth and is now ranked among the top performing assets of 2024. And to top it all off, the President-elect has appointed a cryptocurrency advocate as the country’s SEC Chairman. It has been decided to nominate. On Wednesday, he said he would nominate Paul Atkins, who has been involved in crypto policy as co-chair of the Token Alliance, to run the Securities and Exchange Commission.
Dan Held, a well-known crypto investor, said that Bitcoin exceeding $100,00 does not just represent a price, it shows that the world is slowly accepting Bitcoin as the reserve currency of the future. He said this turning point represents “financial freedom”.
“We are witnessing a paradigm shift. Bitcoin and the entire digital asset ecosystem are on the verge of mainstream financial acceptance,” Mike Novogratz, CEO of US-based crypto firm Galaxy Digital, told Reuters.
Experts hail this change as a positive step and their conviction is becoming stronger with Trump’s personal interest in crypto. In September, he launched World Liberty Financial with his three sons.
Although the rise of crypto is a good sign, it is interesting to remember Sam Bankman-Fried, his jailing and the subsequent damage done to the reputation of the sector, and to take into account crypto’s notorious market volatility and the industry’s energy consumption.
“Investors may consider taking profits after this milestone, which could lead to a short-term decline,” Canary Capital founder Steven McClurg told Reuters. “However, once these sell orders are cleared, Bitcoin will see further gains.” “Could rise, possibly reaching $120,000 by Christmas.”
