Bitcoin has crossed the $100,000 (ksh 13 Million) mark for the first time, settling at $100,027 early Thursday morning, buoyed by the recent election of Donald Trump as President of the United States.
With a promise to foster a pro-crypto regulatory environment, Trump’s victory has ignited hope among investors, leading to a staggering 45% increase in Bitcoin’s value since the elections.
Industry experts view this price milestone as a significant shift towards mainstream acceptance of cryptocurrencies. Mike Novogratz, CEO of Galaxy Digital, stated, “We’re witnessing a paradigm shift. After years of uncertainty, Bitcoin and the digital asset ecosystem are poised for financial mainstream incorporation.”
This bullish sentiment is further strengthened by new appointments set to take place under the Trump administration. With the anticipated resignation of SEC Chair Gary Gensler, investors expect a more favorable regulatory landscape. Trump’s intention to nominate Paul Atkins, an advocate for crypto-friendly policies, to lead the SEC is a promising development for the industry.
The influx of over $4 billion into U.S.-listed Bitcoin exchange-traded funds (ETFs) since the election highlights a revived confidence among institutional investors. The approval of these ETFs has been a game-changer, allowing wider access to Bitcoin investment.
However, the cryptocurrency landscape is not without its challenges. Previous scandals, including the notorious FTX collapse, and ongoing concerns regarding energy consumption and crypto-related crime, continue to cast a shadow.
Despite this, many investors are optimistic about Bitcoin’s trajectory, with predictions of reaching $120,000 by Christmas.
