- Bitcoin crossed its biggest-ever milestone overnight as it crossed $100,000
- Two lots of positive news helped push it over the line and up to $104,000
- The milestone is a reward for those who have believed in Bitcoin throughout a decade of criticism
Bitcoiners celebrated the biggest milestone in its history overnight as it crossed $100,000 for the first time. The final push over the threshold came thanks in part to Donald Trump naming a pro-crypto Securities and Exchange Commission (SEC) head and Federal Reserve Chair Jerome Powell compared it to gold, both of which helped the nearly 16-year-old cryptocurrency to shoot $10,000 to $104,000. The breakthrough, and the positive comments from Powell especially, have led many to believe that Bitcoin can now look to tackle gold’s $17 trillion market cap, an 8.5x increase.
Trump Names Pro-crypto SEC Chair
Of the two pro-Bitcoin news items that arrived yesterday, it was hard to pick the most bullish. President-elect Donald Trump nominated Paul Atkins, a former SEC commissioner and current CEO of Patomak Partners, to serve as the next SEC Chair. Atkins is recognized for his advocacy against excessive market regulation and his support for digital assets, a nomination that aligns with Trump’s commitment to establishing the United States as a global leader in the cryptocurrency sector.
Paul Grewal, Chief Legal Officer of Coinbase, commended Atkins for his balanced regulatory approach, expressing anticipation for his leadership at the SEC:
Congratulations to Mr. Atkins. We appreciate his commitment to balance in regulating US securities markets and look forward to his fresh leadership at @SECGov. It’s sorely needed and cannot come a day too soon. https://t.co/QRBC2MSPGe
— paulgrewal.eth (@iampaulgrewal) December 4, 2024
In recent years, Atkins has been an advocate for digital assets. In 2017, he joined the Token Alliance, a group promoting the acceptance and use of digital assets and blockchain technologies. His nomination is expected to significantly influence the future of US capital markets and the digital asset ecosystem.
Powell Says Bitcoin is “Competitor for Gold”
Not long after Trump’s announcement, Jerome Powell was speaking at the New York Times DealBook Summit in New York, where he said that Bitcoin was more akin to gold than the US dollar, saying that the cryptocurrency could end up being “a competitor for gold”:
JUST IN: 🇺🇸 Fed’s Powell says Bitcoin is just like gold, except it’s digital. pic.twitter.com/WDQ5alhi9Z
— Bitcoin Archive (@BTC_Archive) December 4, 2024
Given that gold’s market cap is $17 trillion and Bitcoin’s is just $1 trillion, this bodes extremely well for holders.
While many expected volatility when Bitocin finally hit $100,000, this has yet to be observed; at the time of writing it is holding steady at $102,000 with little of the ‘whipsaw’ action that was seen when Bitcoin broke $10,000 in 2017.
Bitcoin has yet to experience any meaningful correction since breaking up from $73,000 on US election night, leaving many sidelined while waiting for such a pullback. There is, however, no sign of them being able to get back on the train as of yet.
