Bitcoin Surges Past $100,000 For First Time, Amid Trump Optimism

The largest cryptocurrency, Bitcoin, which has endured large price rises and declines over the years, has now surged to a record high.

Amid a surge of crypto investor optimism for the incoming Trump presidency, the price of Bitcoin broke past the $100,000 mark on Wednesday, growing 6 percent to hit an all time high of $103,619 (£81,482).

As of Thursday morning, CoinMarketCap revealed it has slipped slightly from that, and the price of Bitcoin is currently valued at $102,638 (£80,711).

Trump surge

Last month Bitcoin had risen above $84,000 (£65,263) as cryptocurrency investors bet that Donald Trump would institute crypto-friendly policies after taking office in January 2025.

Indeed since the US election on 5 November 2024, Bitcoin has rallied by about 45 percent. Other cryptocurrencies have enjoyed similar gains.

The price of Bitcoin soon reached $93,000, before spending some weeks hovering around the $96,000 mark.

Now it has past $100,000.

This is a remarkable change, considering that a year ago Bitcoin was trading at $37,000, after it had reached a then record high of $63,000 in April 2021.

This latest surge comes after Donald Trump changed his mind of cryptocurrencies, after he previously criticised them – calling them a “scam”.

During his election campaign, Trump surprised many when he spoke more positively about cryptocurrencies, including a speech in July 2024, in which he suggested creating a “strategic national Bitcoin stockpile”.

He promised to make the US “the crypto capital of the planet”, without specifying any policies.

SEC change

President-elect Trump also promised to fire Gary Gensler, the head of the Securities and Exchange Commission (SEC), who has previously been criticised by the head of Coinbase as well as Binance.

This was because since his appointment by Joe Biden in 2021, Gensler has led a drive to more closely regulate crypto firms under existing securities regulations.

The SEC’s drive has seen a crackdown on companies such as Coinbase and Binance, whose chief executive served four months in prison this summer for the company’s failure to enforce money-laundering regulations.

Earlier this week Alex Mashinsky, the founder and former CEO of cryptocurrency lender Celsius Network, pleaded guilty to two counts of fraud.

Gary Gensler tweeted in November that he would be stepping down from his post on 20 January 2025 – the day that Trump is inaugurated.

Meanwhile Donald Trump has nominated cryptocurrency lobbyist Paul Atkins to replace Gary Gensler, and to lead the SEC.

Investors are viewing this as a sign that the Trump administration will take a friendlier approach to digital assets.