Cryptocurrency Bitcoin has broken through the $US100,000 barrier for the first time, after a surge in value this year on the increasing promise of a Donald Trump presidency and a recent spike on its realisation.
The president-elect has promised to make the US the “crypto capital of the planet” and is setting about making decisions that will boost digital currencies, of which Bitcoin is the most dominant.
Overnight, he announced he intended to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission (SEC), the US market regulator akin to the Australian Securities and Investments Commission (ASIC).
Donald Trump called Mr Atkins a “proven leader for common-sense regulations”.
On his social media site, the president-elect went further:
“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.”
‘Carnival atmosphere’ for crypto
“This is a momentum rally,” Jason Titman, chief executive of crypto brokerage Swyftx, told Bloomberg.
“Global spot volumes are above mid-pandemic levels and the nomination of Paul Atkins as SEC chair just added to the carnival atmosphere.”
US congressman Patrick McHenry, a North Carolina Republican and chairman of the House Financial Services Committee, said Mr Atkins would ensure US markets remained world leaders.
“Paul Atkins has the expertise and experience needed to restore faith in the SEC,” he wrote on X.
“I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure US capital markets remain the envy of the world.”
Just before 3:30pm AEDT, one bitcoin was worth $US102,800, which is nearly $160,000 in Australian currency.
