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Why Bitcoin surged after Trump’s 2024 win
Why Bitcoin stock surged after Trump’s 2024 election win
04:13
Bitcoin has topped the $100,000 mark as a massive rally in the world’s most popular cryptocurrency sparked by the election of Donald Trump rolls on.The milestone comes just hours after the president-elect signaled a lighter regulatory approach to the crypto industry with his choice of Paul Atkins to be the next chair the Securities and Exchange Commission.Trump said Wednesday that he intends to nominate Atkins, a former SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation.Bitcoin has soared to unprecedented heights since Trump won the election Nov. 5. The cryptocurrency has climbed dramatically from $69,374 on Election Day and rose as high as $101,512 Wednesday, just two years after dropping below $17,000 following the collapse of crypto exchange FTX.How long bitcoin will stay above the coveted $100,000 mark is uncertain. As with everything in the volatile cryptoverse, the future is impossible to predict. And while some are bullish on future gains, other experts continue to warn of investment risks.
Current SEC chair Gary Gensler, appointed by President Biden, has been aggressive in his oversight of the crypto industry. Speaking at the Bitcoin 2024 conference in July, Trump vowed to fire Gensler if elected, prompting a standing ovation. Gensler has since said he will step down Jan. 20 when Trump takes office, even though his five-year term runs through 2026.
