WASHINGTON: US President-elect Donald Trump took credit for Bitcoin’s historic rise above $100,000 on Thursday, telling his social media followers, “you’re welcome,” after the cryptocurrency surged more than 50% since his election victory.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump wrote on Truth Social, after Bitcoin hit a new high.
Bitcoin surpassed the $100,000 mark for the first time on Thursday, following Trump’s nomination of cryptocurrency advocate Paul Atkins to head the US securities regulator. The nomination bolstered confidence that the incoming administration would ease regulations for the sector.
The cryptocurrency has seen an explosive rally since Trump’s election on November 5. Trump, who has voiced intentions to position the United States as the “Bitcoin and cryptocurrency capital of the world,” celebrated Bitcoin reaching a record $103,800.45, before it adjusted slightly to around $101,000.
After Trump’s comments, the price began climbing again, reaching $103,320. Bitcoin has surged by approximately 140% since the start of the year, though it had recently plateaued under $100,000 as traders awaited new developments. The price spiked after Trump announced his plan to nominate Paul Atkins to lead the Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner from 2002 to 2008, founded the risk consultancy Patomak Global Partners, whose clients include firms in banking, trading, and cryptocurrency. Additionally, he has co-chaired the Digital Chamber of Commerce since 2017, an organization promoting digital assets.
Trump praised Atkins as a “proven leader” with a commitment to “common sense regulations” and “robust, innovative” capital markets. Atkins will replace Gary Gensler, who led a crackdown on the cryptocurrency sector after the market crash of 2022. Despite the crackdown, the SEC recently approved the trading of two new cryptocurrency exchange-traded funds (ETFs), broadening access for investors.
