Bitcoin hits record high of $100,000 as Trump picks cryptocurrency backer to head financial watchdog
5 December 2024, 08:37
The world's most popular cryptocurrency, Bitcoin, reached a record value of more than $100,000 overnight - a surge triggered by Donald Trump's latest addition to his presidential team line-up.
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It's the first time the unregulated cryptocurrency has surpassed $100,000 (£78,701) in value, leaping in value by 7.9% in the previous 24 hours, according to figures from currency converter XE.com.
It comes just hours after US President-elect Donald Trump picked crypto fan Paul Atkins to lead the US Securities and Exchange Commission (SEC).
Mr Trump said Mr Atkins, the chief executive of Patomak Partners and a former SEC commissioner, was a "proven leader for common sense regulations".
In the years since leaving the SEC, Mr Atkins has made the case against too much market regulation.
The current popularity of the cryptocurrency is undeniable, however, many in the financial sector have flagged concerns over the idea of Bitcoin becoming common currency - primarily due to a distinct lack of financial regulation.
Mr Trump wrote of Mr Atkins on Truth Social: "He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.
"He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before." Bitcoin has soared to unprecedented heights since Mr Trump won the election on November 5.
How long Bitcoin will stay above the coveted 100,000-dollar mark is uncertain.
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The cryptocurrency has climbed dramatically from 69,374 dollars (£54,805) on Election Day and rose as high as 101,512 dollars (£80,194) on Wednesday, just two years after dropping below 17,000 dollars (£13,430) following the collapse of crypto exchange FTX.
As with everything in the volatile cryptoverse, the future is impossible to predict.
While some are bullish on future gains, other experts continue to warn of investment risks.
