Bitcoin prices crossed the $100,000 mark for the first time on Thursday, as Republican Donald Trump’s election as U.S. president fueled hopes for a more regulatory-friendly environment for cryptocurrencies under the new administration.
Bitcoin has doubled in value this year and gained about 45% in just four weeks following Trump’s landslide victory, along with the election of several pro-crypto lawmakers to Congress.
“We are witnessing a watershed moment. After four years of political restrictions, Bitcoin and the entire digital asset ecosystem are on the brink of entering the mainstream financial markets,” said Mike Novogratz, founder and CEO of U.S.-based crypto firm Galaxy Digital.
“This growth is being driven by institutional participation, advances in crypto and payment technologies, and an increasingly clear regulatory roadmap.”
More than 16 years since its inception, Bitcoin appears to be closer than ever to mainstream adoption, despite its long history of controversy and criticism.
Justin D’Anethan, an independent cryptocurrency analyst in Hong Kong, said: “Bitcoin’s crossing of $100,000 is not only a milestone, but also a symbol of a shift in financial, technological, and geopolitical trends.”
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“What was considered unthinkable not long ago is now a reality.”
During his election campaign, Trump openly supported digital assets, pledging to make the United States the “cryptocurrency capital of the world” and establish a national Bitcoin reserve.
