Bitcoin Surges Past $100,000 on Trump SEC Pick and Powell's Crypto-Gold Comparison
Bitcoin finally smashed through the psychologically crucial $100,000 barrier, surging to a record high of $101,438.9 during Asian trading hours. This milestone reflects growing optimism about crypto-friendly policies under President-elect Donald Trump and recent supportive comments from Federal Reserve Chair Jerome Powell.
The surge gained momentum after Trump announced Paul Atkins, a known pro-crypto advocate and former SEC Commissioner, as his pick to lead the Securities and Exchange Commission (SEC). Atkins’ nomination signals a significant shift from the current SEC Chair Gary Gensler, who led an aggressive crackdown on the crypto industry. Traders welcomed the move, anticipating a more supportive regulatory environment ahead.
Additionally, Jerome Powell’s remarks comparing Bitcoin to gold further fueled the rally. While Powell highlighted Bitcoin’s speculative nature, the comparison to gold positions it as a store of value rather than a direct threat to the U.S. dollar, boosting investor confidence.
Bitcoin has skyrocketed approximately 140% in 2024, with November’s gains driven largely by Trump’s election win and promises to establish America as a global crypto hub. Investors now watch closely for any policy announcements that could reinforce this bullish trend.
By Mr. Ram | CryptoEarningsHQ
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