Bitcoin reached an all-time high of $104,000, up 130% this year, following President-elect Trump’s announcement of Paul Atkins as head of the U.S. Securities and Exchange Commission and his commitment to crypto-friendly policies.

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Bitcoin, the prominent cryptocurrency, has surpassed a significant milestone by reaching an all-time high of $104,000. This marks a substantial increase of 130% within the year. The surge follows President-elect Trump's announcement of Paul Atkins as the head of the U.S. Securities and Exchange Commission (SEC). Atkins, who is perceived as favorable towards cryptocurrencies compared to the current SEC chair, Gary Gensler, has sparked optimism among cryptocurrency enthusiasts, contributing to the rise in Bitcoin's value.

Known for his previous stint as an SEC commissioner, Atkins is expected to take a more supportive stance on cryptocurrencies, which stands in contrast to Gensler's more cautious approach due to the volatile nature of the market. While President-elect Trump has recently aligned himself with the cryptocurrency sector—having participated as a speaker at Bitcoin 2024, founded a crypto-focused company, and mingled with crypto advocates like Elon Musk—he lacks direct influence over cryptocurrencies. Nevertheless, his administration's crypto-friendly outlook has contributed to the excitement around Bitcoin's recent milestone.

Despite Bitcoin's impressive climb, the cryptocurrency remains notably volatile. Historical fluctuations, such as a 75% price drop following the collapse of FTX, highlight the inherent unpredictability in this market. While some commentators express skepticism, supporters remain optimistic, with one prominent advocate suggesting a potential rise to one million dollars. For now, Bitcoin's current peak remains a significant mark in the cryptocurrency landscape.



Bitcoin surges above $100,000 for the first time

Bitcoin is a cryptocurrency and cryptocurrency is very volatile. Obviously it's having a wild moment, riding that high after President Trump's re-election. But as you mentioned, crossing that $100,000 mark, that's $100,000 per Bitcoin. It's something we've been watching for weeks now and it happened just yesterday after President Elect Trump announced his SEC chair pick, Paul Atkins. And this is a gentleman who is actually SEC commissioner, so he has some experience. And he is known to be a supporter of cryptocurrency, of Bitcoin. So he's expected to have a little bit of a lighter touch as it relates to cryptocurrency compared to the current SEC chair, Gary Gensler, who has been a little more heavy handed and has been very open about sort of stopping the expansion of cryptocurrency in the U.S. because of its volatility. But as you mentioned, President Elect Trump really wasn't initially a supporter of cryptocurrency. He sort of did a 180 in the months leading up to his re-election. He was the featured speaker at Bitcoin 2024. He started a company, World Liberty Financial, with his family, a cryptocurrency company, and he surrounded himself with cryptocurrency fans, most notably Elon Musk. He's even thinking about appointing a crypto czar. That would be the first of its kind in any presidential administration. But ultimately, the president doesn't have any power over cryptocurrency right now. It's just the supporters are liking what they're hearing from him and his picks in his administration. And that's why you're seeing this rise in cryptocurrency, specifically in Bitcoin right now, Erica. All right. And as you mentioned, they're liking this as a milestone. The fact that it got above one hundred and three thousand yesterday, it is a big jump. Is there a sense of how sustainable this rise is? There's not because of its volatility. At one point we saw over the course of a year, especially around the time when FTX collapsed, a drop of 75 percent in the price of Bitcoin. So it's extremely volatile. You have folks like Jerome Powell calling it a speculative asset. You have Jamie Dimon, head of JP Morgan, saying that he would not get involved, nor would he recommend the federal government getting involved. But there are some supporters out there who think this can go all the way. Just one well-known crypto supporter tweeting after the hundred one hundred thousand dollar milestone saying, if you like Bitcoin at one hundred thousand dollars, you're going to love it at one million dollars. That is the CEO of Professional Capital Management and a cryptocurrency supporter. One million, Erica. Not sure. I think everyone who owns Bitcoin is absolutely praying for that. But one hundred thousand dollars is where it's sitting right now. It certainly has a long way to go before it gets to a million dollars. Yes.

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