Bitcoin surged to a record $98,342 on Thursday, nearing the symbolic $100,000 milestone, driven by optimism over President-elect Donald Trump’s support for cryptocurrency and anticipated regulatory shifts in the United States.
The largest digital asset gained 4.1%, trading slightly between $98,000 and 99,000 by early afternoon in New York on Thursday. The crypto market has added $900 billion in value since Trump’s election win on Nov. 5.
Fueling investor confidence, current US Securities and Exchange Commission Chair Gary Gensler announced his plans to step down on Jan. 20, aligning with Trump’s inauguration. Gensler’s tenure was marked by stringent enforcement actions against the crypto industry, but Trump’s incoming administration is expected to ease regulatory pressures.
Discussions are reportedly underway within Trump’s transition team about establishing a White House post dedicated to digital asset policy, signaling the potential for more robust government engagement with cryptocurrencies. Advocates hope the position will have direct access to the president-elect, who has emerged as a prominent supporter of digital assets.
Adding momentum to Bitcoin’s rise, MicroStrategy Inc., the largest publicly traded corporate Bitcoin holder, announced plans to accelerate token purchases. The company has increased its convertible senior note sales to $2.6 billion, further boosting its Bitcoin reserves, now valued at approximately $31 billion.
Market analysts remain bullish, with some speculating it’s only a matter of time before Bitcoin crosses the $100,000 threshold. Tony Sycamore, a market analyst at IG Australia Pty, remarked, “Buyers are strangling the sellers… the demand appears to be insatiable.”
The rise also coincides with the debut of options on US Bitcoin exchange-traded funds, adding liquidity and confidence to the market. Bitcoin’s ascent to nearly $100,000 is seen as a significant moment for the cryptocurrency, solidifying its position as a modern-day store of value despite ongoing skepticism over its links to money laundering and crime.
