Bitcoin hits $100,000 as Trump fuels Crypto fever

Bitcoin has seen its value leap by almost 50% since Trump won the US presidential election

Bitcoin’s value has soared over the past month, reaching an all-time high of over $100,000 (£80,000) in the early hours of this morning. The latest spike in the value of Bitcoin has come after President-Elect Trump appointed Paul Atkins to lead the SEC (Securities and Exchange Commission).

President Trump called Atkins “a proven leader for common sense regulations” and stated that Mr Atkins “recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before.”

Amongst Trump’s other policies, the incoming president pledged to reverse the “crackdown” on cryptocurrencies established in the Biden era. He also suggested creating a national “stockpile” of Bitcoin for strategic reasons. Now that Trump has won the US presidential election, his planned policies have had a huge impact on the value of Bitcoin.

(Bitcoin’s Value, via Google)

While Trump’s crypto policies are popular amongst investors, the planned reversal of Biden-era regulations has downsides. We need only remember the failures of FTX and Celcius to know how fraud-filled the crypto markets can be when unregulated.

Thankfully, Bitcoin’s recent rise has not resulted in a crypto-mining boom (at least not yet). As of now, GPU-based cryptocurrency mining on platforms like Nicehash remains unprofitable, which is good news for PC builders.

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