Bitcoin is inching closer to the landmark $100,000 level, buoyed by growing investor interest and expectations of favorable U.S. regulations under President-elect Donald Trump’s administration.
The largest digital asset surged to $98,344 as of 6:02 a.m. Friday in New York, after briefly hitting a record high of $99,505. The crypto market has added approximately $1 trillion in value since Trump’s election victory on Nov. 5.
Regulatory Shifts Under Trump Bolster Sentiment
The Securities and Exchange Commission (SEC) Chair Gary Gensler’s decision to step down on Jan. 20—the day Trump is inaugurated—has fueled optimism among crypto enthusiasts. Gensler’s tenure saw aggressive crypto enforcement actions, which are expected to wane under the new administration. Trump’s transition team is reportedly considering creating a White House post focused on digital-asset policy, signaling his support for the sector.
Wall Street Embraces Crypto Momentum
Trump’s pro-crypto stance is resonating across Wall Street. Charles Schwab Corp.’s incoming CEO Rick Wurster announced plans to offer spot crypto trading once regulatory changes take effect. Additionally, Bitcoin accumulator MicroStrategy Inc. has announced plans to accelerate token purchases, while options trading on U.S. Bitcoin exchange-traded funds (ETFs) has further lifted market sentiment.
“This is an out-and-out momentum rally, and $100,000 is acting as a magnet,” said Chris Weston, head of research at Pepperstone Group. Analysts attribute the surge to a mix of regulatory optimism, sizable ETF inflows, and the debut of Bitcoin options.
Bitcoin’s Growing Appeal and Persistent Skepticism
The $100,000 milestone is viewed by Bitcoin advocates as a symbolic victory over skeptics who question its utility and highlight its links to crime. Despite doubling in value this year, Bitcoin remains polarizing. UBS Wealth Management’s EMEA Chief Investment Officer Themis Themistocleous cautioned against its volatility, recommending traditional hedges like gold instead.
A group of U.S. Bitcoin ETFs has seen net inflows exceeding $6.8 billion since Election Day, with total assets surpassing $100 billion. Advocates believe Trump’s supportive framework and plans for a strategic Bitcoin reserve could solidify crypto’s standing, though implementation timelines remain unclear.
Trump’s Transformation from Skeptic to Advocate
Previously a crypto skeptic, Trump’s stance shifted during the campaign as digital-asset firms heavily promoted their interests. He now supports creating a robust U.S. crypto regulatory framework and has even hinted at launching his own digital-asset projects.
Lingering Memories of Past Turmoil
The current optimism contrasts with the market’s 2022 downturn, which exposed fraud and led to the collapse of platforms like Sam Bankman-Fried’s FTX exchange. That turmoil prompted the SEC’s clampdown, which is now expected to ease under Trump’s administration.
“Bitcoin represents change,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. She highlighted its potential to reshape authority and societal views, calling the recent developments both validating and alarming. As Bitcoin edges closer to the $100,000 milestone, it reflects a new era of optimism and transformation in the digital-asset space.
