President-elect Trump took a victory lap of sorts on Truth Social Thursday morning. Hours after bitcoin crossed the $100,000 mark, Trump congratulated "BITCOINERS," offering them a "YOU'RE WELCOME!!!" The cryptocurrency reached new heights after Trump announced his intention to nominate Paul Atkins, a known cryptocurrency advocate, as head of the Securities and Exchange Commission. Bitcoin surged from $69,374 on Election Day to a Wednesday peak of $103,713. Its history has been a volatile one: It stood at around $5,000 at the start of the pandemic, hit almost $69,000 in November 2021, and fell below $17,000 just two years ago following the collapse of crypto exchange FTX.
Bitcoin's recent surge follows Trump's vision to make the US "the crypto capital of the planet," pledging strategic Bitcoin reserves; he accepted cryptocurrency donations during his campaign, which included a July stop at a bitcoin conference. His victory and crypto-friendly stance are anticipated to foster legislative developments favoring digital assets. The outgoing SEC chair, Gary Gensler, faced industry opposition for his regulatory approach, whereas Atkins, expected to succeed him, historically supports reduced market regulation. (This story was generated by Newser's AI chatbot. Source: the AP)
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