Bitcoin, the popular cryptocurrency, hit a new high of $100, 000 recently. President-elect Donald Trump was quick to claim credit for this surge, posting a congratulatory message on his social media platform. The rise in Bitcoin's price can be traced back to Trump's clear victory in the November election, which caused the price to jump by $20, 000 in just a week.

Crypto enthusiasts aren't dismissing Trump's role in this price rally. David Bailey, the CEO of Bitcoin magazine, even nicknamed Trump "President Pump. " The crypto community is also excited about Trump's latest Cabinet pick, Paul Atkins, for the Securities and Exchange Commission. Atkins is known for his supportive stance towards digital assets and has worked closely with crypto industry clients.

The crypto world has been critical of the outgoing SEC Chair, Gary Gensler, for his tough stance on crypto. With Atkins at the helm, many believe there will be a significant shift in how the SEC approaches crypto regulation. Jake Chervinsky, a legal expert, described this moment as a "regulatory singularity" that could usher in a new era for crypto.

Trump's administration is shaping up to be very crypto-friendly. Scott Bessent, the nominee for Treasury Secretary, has publicly supported digital assets and even invested in blockchain startups. Other notable figures in the incoming administration, like Vice President-elect JD Vance and Commerce Secretary pick Howard Lutnick, have also shown support for cryptocurrencies.

During his presidential campaign, Trump made courting the crypto community a key part of his platform. He promised to make the U. S. the global hub for crypto, with regulations written by industry supporters rather than critics.

Bitcoin Hits $100K: Trump Takes Credit, Crypto Community Cheers

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