Bitcoin price rockets past $100,000 for 1st time as Trump signals support for cryptocurrency

The price of Bitcoin surpassed $100,000 for the first time Thursday amid expectations that Donald Trump will create a friendly regulatory environment for cryptocurrencies when he heads to the White House next year.

The milestone was reached amid Trump's announcement that he would be nominating Paul Atkins as chair of the Securities and Exchange Commission, who is expected to bring market deregulation. The president-elect had promised on the campaign trail to replace outgoing chairman Gary Gensler, an appointee of President Joe Biden whose enforcement efforts led to clashes with Wall Street.

Trump had also vowed at a July bitcoin conference in Nashville to create a crypto-friendly administration and overhaul U.S. policy, including plans for a new crypto advisory council.

The president-elect celebrated − and took credit for − the milestone in a post on his Truth Social platform Thursday morning: "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!"

Bitcoin has been surging for months

Excitement about a crypto-friendly administration has for months been pushing Bitcoin, the world's biggest and best-known cryptocurrency, to its long-awaited $100,000 milestone.

Cryptocurrency, which is 16 years old, is a digital currency and does not rely on banks to verify transactions.

bitcoin more than doubled in value this year and has soared over 45% since the Nov. 5 U.S. presidential election, which has also seen a slew of pro-crypto lawmakers being elected to Congress. Since Trump's sweeping victory, traders have bet that Trump's stated commitment to support cryptocurrencies would lead to a less restrictive regulatory environment, lifting the sector overall, Reuters reported.

Trump courted support and campaign donations from the sector with promises to be a "crypto president" and end Biden's crackdown on crypto companies that regulators accused of flouting securities and anti-money laundering laws.

The industry is pushing for executive orders guaranteeing crypto companies' access to banking services, an end to enforcement actions and other changes.