The biggest cryptocurrency in the world surged to around $103,400 before dipping a little. Dan Coatsworth, an investment analyst at AJ Bell, called it a "magic moment" for the cryptocurrency, citing a "clear link" to Donald Trump's presidential triumph. Trump celebrated the milestone on social media, writing, "Congratulations Bitcoiners" and "You're Welcome!" The president-elect had earlier claimed to create the United States the world's "crypto capital" and "Bitcoin superpower," which helped to boost Bitcoin's price once he was elected president. It surpassed the $100,000 mark when Trump said he would appoint former Securities and Exchange Commission (SEC) commissioner Paul Atkins to lead the Wall Street regulator.
The current head, Gary Gensler, is thought to be far less pro-crypto than Mr. Atkins."Clearly, there is anticipation that the new administration will be somewhat more favorable to cryptocurrency than the previous administration," said Andrew O'Neill, S&P Global's digital assets expert." So for the price of Bitcoin, I think that that's what's driven the trend so far [and it will] likely continue into the new year," the economist stated. However, Bitcoin has a history of dramatic losses and fast increases, which some analysts believe is unlikely to change."Many people have gotten rich from the cryptocurrency soaring in value this year, but this high-risk asset isn't suitable for everyone.
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