President-elect Trump took credit for Bitcoin crossing the $100,000 milestone late Wednesday evening, hours after he nominated another pro-crypto businessman to his incoming cabinet.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump wrote Thursday morning on his social media platform, Truth Social.
After weeks of flirting with $100,000, the price of one bitcoin surged past the landmark number for the first time late Wednesday evening. As of Thursday morning, bitcoin’s value sat at more than $103,000.
Commentators quickly linked the surge to Trump’s announcement earlier Wednesday that he selected former SEC Commissioner Paul Atkins to serve as the next chair of the independent agency.
Trump said Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” in a nod to the cryptocurrency industry.
The selection of Atkins was the latest signal that the Trump administration is expected to take a much more friendly approach to the crypto industry than current SEC Chair Gary Gensler, who repeatedly clashed with the industry.
Last month, the president-elect tapped Scott Bessent, another crypto enthusiast, to serve as the head of the Treasury Department, while his team is reportedly mulling bringing on a “crypto czar” to oversee polices on digital currencies.
Both Atkins and Bennet’s nominations were largely celebrated by crypto investors, who see a brighter future ahead for the polarizing industry.
Despite previously dismissing crypto as a “scam,” Trump has since vowed to make the U.S. the “crypto capital of the planet,” and bolstered excitement in the community.
The crypto community’s embrace of Trump’s victory was seen almost immediately in the market. Bitcoin spiked 8 percent on the day after the election, setting off a weeks-long rally that reached several new record-highs.
The president-elect and his sons showed particular attention to the industry earlier this year, launching their own cryptocurrency platform called “World Liberty Financial.”
Those in the field told The Hill last week there is a sense among crypto investors the new administration is going to carry out productive engagement with the industry, with one person stating the past four years saw “little to no productive engagement” between crypto and the SEC.
