Bitcoin Hits $100,000 Milestone

Bitcoin hit a historic milestone late Wednesday, soaring past $100,000 for the first time, closing at $103,544. Earlier, it peaked at $103,844, marking a 140% surge in 2024 and a 48% gain since the recent U.S. election.

Regulatory Shift:

• President-elect Donald Trump announced plans to nominate Paul Atkins as SEC chair, replacing Gary Gensler, whose regulatory policies had been criticized by the crypto community.
• The move has renewed optimism for a more crypto-friendly regulatory environment.

Institutional Adoption:

• Major financial players like BlackRock, Fidelity, and Invesco launched spot Bitcoin ETFs earlier this year, boosting demand.
• Charles Schwab is preparing to enter the crypto market, pending regulatory changes under the new administration.

Market Sentiment:

• Federal Reserve Chair Jerome Powell compared Bitcoin to gold, emphasizing its investment appeal over its use as a currency.
• Mike Novogratz, CEO of Galaxy Digital, described the event as a “paradigm shift,” signaling Bitcoin’s integration into mainstream finance.

Future Outlook:

• Expectations are high for new pro-crypto policies under Trump’s administration, such as tax exemptions on crypto transactions and a national Bitcoin reserve.
• While volatility is anticipated, experts remain optimistic about Bitcoin's long-term growth.

Bitcoin’s rise marks a pivotal moment for the cryptocurrency market, heralding a new era of acceptance and institutional involvement.