Bitcoin has shattered all previous records, soaring past the $100,000 mark! Spurred by U.S. President Donald Trump’s positive stance on cryptocurrencies, Bitcoin embarked on a monumental journey from $67,000 to six-digit territory for the first time in its history.
A Historic Day: December 5, 2024
December 5, 2024, will forever be remembered in the cryptocurrency world. After a seven-year wait since its first attempt to breach $100,000 on November 29, 2017, Bitcoin finally achieved this milestone. As of 5:40 AM, Bitcoin crossed the threshold, and at the time of this writing (7:45 AM), it’s trading at $103,200.
Trump’s Policies and Bitcoin’s Meteoric Rise
A major catalyst for Bitcoin’s unprecedented surge has been Donald Trump’s supportive approach toward cryptocurrencies. With his social media endorsements and ambitious promises, Trump has instilled confidence in the crypto community. His announcement to nominate Paul Atkins, a crypto-friendly figure, as the SEC Chairman has further fueled optimism. If Atkins assumes the role, significant steps to promote cryptocurrencies and introduce favorable regulations are expected.
Trump’s agenda includes integrating cryptocurrencies into everyday life. Plans to replace current SEC Chairman Gary Gensler with a more crypto-aligned leader, declare Bitcoin a national strategic reserve asset, and reduce or eliminate capital gains taxes on cryptocurrencies have all been proposed.
Support for Mining and DeFi
The Trump administration is also prioritizing decentralized finance (DeFi) platforms and boosting U.S.-based Bitcoin mining. These initiatives aim to solidify the country’s leadership in the crypto space and drive exponential growth in the industry.
Record-Breaking Gains
Since Donald Trump’s election as President, Bitcoin has seen a nearly 50% increase. Over the past year, it has risen by an impressive 145%. This remarkable performance underscores Bitcoin’s position in the financial world and raises expectations for its future.