Bitcoin, the world’s leading cryptocurrency, has surpassed the $100,000 mark for the first time, driven by Donald Trump’s latest addition to his presidential team.
As of 4:10 am UK time, Bitcoin was valued at $103,280 , marking a 7.9% increase in the past 24 hours, according to XE.com.
This milestone comes amidst a buying frenzy that began on November 5, coinciding with the US election. Since then, Bitcoin’s price has climbed approximately 45% from $69,374 .
The surge has been further fueled by key appointments made by the president-elect. On the same day Bitcoin hit its record value, Trump announced Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC).
A former SEC commissioner under George W. Bush, Atkins is a prominent advocate for minimal market regulation and has consistently supported the growth of cryptocurrencies.
Posting on Truth Social, Mr Trump said of his new appointment: “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.
“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
What is cryptocurrency?
In simple terms, cryptocurrency is digital money.
It’s designed to work through an online network without a central authority – meaning it is not recorded by any government or bank.
Transactions using crypto such as Bitcoin or Ethereum are instead tracked by technology called the blockchain, an unchangeable shared digital ledger.
Digital coins can be very volatile – meaning their price can fluctuate rapidly – and are mostly unregulated.
The UK’s Financial Conduct Authority considers crypto high-risk and has called for regulation.
Previously a sceptic of digital currency, Mr Trump pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of Bitcoin during this election campaign.
