Washington, D.C. – Bitcoin continues to shatter records, with its value soaring to nearly $100,000 in just a matter of weeks. This surge not only applies to Bitcoin but has also extended to the broader cryptocurrency market. Many are anticipating that Bitcoin could surpass the $100,000 mark in the coming week, following a consistent upward trend since Donald Trump’s election victory.
The exponential growth in the industry’s market cap, which has surpassed $1 trillion since the election, is attributed to expectations that the Trump administration, along with a Republican-led Congress, will bring about favorable regulations for digital assets. Analysts like Adam McCarthy from Kaiko, a crypto data firm, predict that if investor interest remains strong, Bitcoin could reach the $100,000 milestone by the end of the year.
McCarthy believes that Bitcoin hitting six figures will signify a turning point in the perception of the cryptocurrency as a legitimate store of value. He views it as a significant validation of Bitcoin’s position in the financial landscape, marking a milestone of both recognition and excitement for traders.
As Bitcoin surged to a new all-time high of $98,831, Securities and Exchange Commission Chair Gary Gensler announced his impending departure from his post when Trump assumes office on January 20th. Gensler, known for his stringent stance on cryptocurrencies during the Biden administration, received mixed reactions to his resignation, with figures from the crypto industry expressing relief on social media.
The Trump administration’s consideration of a dedicated White House role for cryptocurrency policy further underscores the industry’s growing influence. While details on the role remain vague, industry leaders are advocating for direct access to the President through this position, potentially shaping the future regulatory landscape for cryptocurrencies. This development aligns with Bitcoin’s rapid ascent towards the $100,000 mark, signaling a pivotal moment for the digital asset industry.