The price of Bitcoin has for the first time broken past the $100,000 mark, hitting a new record high.
The value of the world’s biggest cryptocurrency has been boosted by hopes US President-elect Donald Trump will adopt crypto-friendly policies.
The milestone was reached hours after Trump said he would nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins to run the Wall Street regulator.
Mr Atkins is seen as being far more pro-cryptocurrency than the current head of the SEC, Gary Gensler.
The $100,000 milestone prompted celebrations from cryptocurrency fans around the world.
Bitcoin’s wildly fluctuating value has always attracted interest, with its backers reacting with delight when it has passed previous price thresholds – and defiance during its slumps.
But this particular landmark has been especially keenly anticipated. For weeks charts, memes and predictions have swirled around social media about when the price would hit the figure thought to be one of the holy grails of the crypto world.
Millions of viewers even tuned in to online watch parties as the price hovered close to $100k.
The value of a single bitcoin is one of the barometers of optimism in the cryptocurrency industry which is now estimated to be worth $3.3tn, according to analysis firm Coin Market Cap.
Trump’s election victory last month was the catalyst for the latest surge.
The president-elect has vowed to make the US “the crypto capital of the planet” – a remarkable turnaround given as recently as 2021 he was calling Bitcoin a “scam.”
Also remarkable is just how Bitcoin’s price has rocketed. A valuation of $100k represents a 40% increase on election day in the U.S. and more than double the price it started the year at.
