Bitcoin smashes $100K as Trump names new SEC chair
The cryptocurrency achieves a historic rally, breaking records as regulatory leadership shifts in the US
For the first time in history, Bitcoin has crossed the $100,000 mark—a milestone the crypto community has eagerly anticipated.
The price of the pioneering cryptocurrency has been rallying upward since the US election season, regularly hitting new all-time highs. Investors and traders have long predicted it would soon reach this symbolic level.
At last, the anticipated breakout has arrived.
BREAKING: $100,000 #Bitcoin pic.twitter.com/vMUtASAZkN
— Watcher.Guru (@WatcherGuru)
Brian Armstrong, the CEO of Coinbase, took to X to highlight Bitcoin’s extraordinary performance over the years. He noted that “if you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth $1,500,000 today.”
He further emphasized, “Bitcoin is the best performing asset of the last 12 years, and it's still early days.”
If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.
— Brian Armstrong (@brian_armstrong)
If you kept the $100 USD you'd only be able to purchase about $73 worth of goods today.
Bitcoin is the best performing asset of the last 12 years, and it's still early… pic.twitter.com/dvBgX5K7or
Adding to the excitement, Bitcoin achieved another milestone: a $2 trillion market cap. According to The Kobeissi Letter, this record was reached just five minutes after Bitcoin surpassed $100,000.
BREAKING: #Bitcoin officially hits $2 TRILLION in market cap for the first time in history.
— The Kobeissi Letter (@KobeissiLetter) December 5, 2024
This comes just 5 minutes after Bitcoin crossed the historic $100,000 level.
Bitcoin is now the 7th most valuable asset in the world. pic.twitter.com/x427zNKQh6
What Trump’s SEC chair choice means for crypto
Bitcoin’s historic moment coincides with an important announcement: Donald Trump’s choice for the next Securities and Exchange Commission (SEC) chair.
The SEC oversees US securities investments and markets, with its current chair, Gary Gensler, known for a strict approach to crypto regulation. Gensler announced his intention to step down on the day of the upcoming presidential inauguration. Trump, who had previously pledged to replace him, has now revealed his chief pick for the role.
Trump’s choice, Paul Atkins, served as an SEC Commissioner from 2002 to 2008 and is currently the CEO of Patomak Global Partners, a consulting firm that works with crypto and traditional financial clients.
In a post on Truth Social, Trump called Atkins “a proven leader for common sense regulations” and praised his belief in “the promise of robust, innovative capital markets.” He added that Atkins “recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before.”
Dan Gallagher, the chief legal officer of Robinhood and a former SEC Commissioner, also voiced his support. He described Atkins as “an exceptional choice to lead the SEC,” citing his dedication to innovation, capital formation, and free markets.
Paul Atkins is an exceptional choice to lead the SEC. Having had the privilege of working with Paul at both the agency and Patomak Global Partners, I’ve seen firsthand his dedication to free markets, investor access and choice, innovation, capital formation, and upholding the…
— Dan Gallagher (@DanGallagherDC) December 4, 2024
Bitcoin’s unprecedented rise and the shift in SEC leadership signal potentially transformative times for the crypto industry, with implications for investors and policymakers alike.
