The price of Bitcoin has surged past the $100,000 mark for the first time, solidifying its status as a key player in the global financial ecosystem. The landmark achievement comes amid favourable economic signals, regulatory optimism, and increasing institutional adoption.
A Monumental Rally
Bitcoin climbed over 3% on Thursday, trading at $102,659, with a high of $103,844. The cryptocurrency has gained over 140% in 2024, including a remarkable 48% jump since last month’s U.S. presidential election. The rally gained momentum following President-elect Donald Trump’s announcement to nominate Paul Atkins, a crypto-friendly figure, as the new SEC chair.
In a Truth Social post, Trump congratulated the Bitcoin community, attributing the cryptocurrency’s meteoric rise to his policies and promising further support for the digital asset space in his upcoming administration.
Institutional Embrace
Bitcoin’s ascent has been bolstered by the launch of spot ETFs from major financial firms like BlackRock and Fidelity earlier this year, opening the doors to mainstream institutional investment. The shift was hailed as Bitcoin’s “IPO moment,” driving unprecedented demand.
Meanwhile, Charles Schwab announced plans to explore spot crypto trading, signalling broader acceptance among traditional financial giants.
Powell: Bitcoin as “Digital Gold”
Federal Reserve Chair Jerome Powell added to legitimacy during the DealBook conference, likening the cryptocurrency to gold. “It’s not a competitor for the dollar but a competitor for gold,” Powell stated, underscoring growing appeal as a store of value rather than a medium of exchange.
Market Optimism for a Pro-Crypto Administration
Analysts and crypto enthusiasts are optimistic about Trump’s potential pro-crypto policies, including a national crypto reserve, tax-free crypto transactions, and streamlined IPOs for blockchain companies. Such measures could solidify the U.S. as a global leader in digital asset innovation.
Industry Voices Celebrate
Mike Novogratz, CEO of Galaxy Digital, called the milestone a “paradigm shift,” noting digital assets are poised to enter the financial mainstream. “It won’t be a straight lineup, but a pro-crypto administration in the U.S. will make waves globally,” he said.
The Road Ahead
Bitcoin’s rally to $100,000 is more than just a psychological milestone—it represents a turning point for cryptocurrency adoption and integration into the traditional financial system. As institutional interest deepens and regulatory clarity improves, the cryptocurrency appears poised for even greater heights. Analysts predict further growth, with some projecting the cryptocurrency could double to $200,000 by the end of 2025.
The crypto world is celebrating today, but the real excitement lies in the journey ahead. Bitcoin’s rise reflects a growing recognition of its value, not just as a speculative asset but as a foundational piece of the future financial landscape.
