The US is now home to increasing numbers of crypto startups. (AI image for representation only)
Bitcoin, the world’s most recognized cryptocurrency, has breached the $100,000 mark for the first time, riding a wave of optimism tied to the election of Donald Trump as US president. The cryptocurrency reached a peak of $103,800 on December 5, driven by Trump’s pledge to make the US the “crypto capital of the planet” and his nomination of Paul Atkins, a staunch cryptocurrency advocate, to chair the Securities and Exchange Commission (SEC). The announcement has electrified the crypto community, signaling a potential overhaul in regulatory approaches.
Why it matters
- This unprecedented milestone reflects not only the volatile nature of Bitcoin but also a broader geopolitical and economic shift.
- The United States has emerged as the dominant force in cryptocurrency, a title previously held by China. Trump’s victory has injected new life into the sector, buoying investor confidence and setting the stage for a transformative era in digital finance.
- Bitcoin’s ascent highlights the growing mainstream acceptance of digital currencies as a legitimate asset class and the pivotal role of US policies in shaping global financial trends. With the US pulling ahead, the landscape for digital assets is set to change dramatically.
The big picture: How China lost the plot to US
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