Bitcoin has officially crossed the $100,000 threshold, hitting the milestone for the first time late Wednesday night. The leading cryptocurrency reached $100,400 around 9:30 p.m. ET, continuing to climb and trading at $102,700 just two hours later.
This record-breaking surge follows a sharp increase of over $30,000 in Bitcoin’s price since Donald Trump's reelection earlier this month. Investors have driven this rally with renewed optimism surrounding crypto-friendly policies and regulatory changes under the incoming administration.
The Road to $100,000
The journey to six figures has been one of consistent upward momentum. Bitcoin’s price has risen from under $70,000 on Election Day to cross $100,000 in just over two weeks. While the cryptocurrency briefly approached this milestone last month, it faced resistance as investors took profits. This time, however, the rally broke through, buoyed by supportive market conditions.
Analysts Predict Further Gains
Market experts are optimistic about Bitcoin’s trajectory. Standard Chartered predicts the cryptocurrency could reach $125,000 by year-end, while Piper Sandler’s Craig Johnson foresees a climb to $130,000. Michael Saylor, chairman of MicroStrategy and a well-known Bitcoin advocate, has a long-term target of $13 million per coin by 2045.
Bitcoin’s performance has been stellar in 2024, with its price up 133% year-to-date.
Policy Changes Drive Momentum
A significant factor in Bitcoin's recent surge is Donald Trump's nomination of Paul Atkins to lead the Securities and Exchange Commission (SEC). Known for his pro-crypto stance, Atkins co-chairs the Chamber of Digital Commerce's Token Alliance. If confirmed, he would replace outgoing SEC Chair Gary Gensler, whose tenure was marked by stricter regulations on the cryptocurrency industry.
Investors have also welcomed reports of a possible “crypto czar” position in the White House, a move that could further streamline federal policy on digital assets.
Wyoming Senator Cynthia Lummis reignited interest in Trump’s proposal for a national Bitcoin reserve. She suggested the Federal Reserve could sell a portion of its gold reserves to purchase Bitcoin, reducing the need for additional currency printing.
Industry Leaders React
Crypto enthusiasts and industry leaders are praising the Trump administration’s approach to digital assets. Billionaire investor Mike Novogratz described Trump’s leadership as a “paradigm shift” for cryptocurrency regulation. While he anticipates some short-term corrections, Novogratz remains bullish about Bitcoin’s long-term growth.
Michael Saylor believes Republican control of the White House and Congress will serve as a tailwind for the crypto industry, shifting market dynamics in Bitcoin’s favor.
ARK Invest CEO Cathie Wood also expressed her optimism, highlighting Bitcoin’s potential to surpass gold as a global store of value. “Breaking $100,000 is just the beginning,” Wood shared on social media, emphasizing her belief in Bitcoin’s transformative impact.
Looking Ahead
As Bitcoin reaches this historic milestone, its potential seems greater than ever. With favorable regulatory developments, institutional support, and increasing adoption, the cryptocurrency is poised for continued growth. While experts advise caution amid potential short-term volatility, the long-term outlook for Bitcoin remains overwhelmingly positive. Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and prices can fluctuate significantly over short periods.
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