Bitcoin price has reached an all-time high of $103,900, crossing the $100,000 mark for the first time, and U.S. President-elect Donald Trump couldn’t contain his excitement. BTC is now a $2 trillion asset and hence, Trump took to social media to congratulate Bitcoiners and HODLers.
Donald Trump Cheers on Bitcoin Price Rally
Taking to Truth Social, he posted, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump’s statement suggests a stronger confirmation of a strategic Bitcoin reserve soon as he prepares to assume office on January 20, 2025.
Meanwhile, the historic price surge has been attributed to several key developments. These include the nomination of Paul Atkins, a known crypto advocate, as the incoming U.S. SEC Chair. Atkins is set to replace Gary Gensler, a figure often criticized by the crypto community for his regulatory approach.
On December 4, Trump announced his intention to appoint Paul Atkins as the next SEC Chair. Atkins’ pro-crypto stance has generated optimism across the crypto industry. Ripple CEO Brad Garlinghouse hailed the announcement as a win for the sector. He stated that Atkins would bring much-needed “common sense” to the regulatory agency. Senator Cynthia Lummis, a vocal crypto supporter, echoed similar sentiments.
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Meanwhile, Stuart Alderoty, Ripple’s Chief Legal Officer, further commented, “The triumvirate of Atkins, Peirce, and Uyeda at the SEC will not only bring common sense back to the agency but true investor protection as well.” Speculation is now rife about whether Atkins will collaborate with the government on establishing a Bitcoin reserve.
Other Key Drivers for Bitcoin Price
A second key driver of the latest Bitcoin price rally is the unprecedented success of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which recently surpassed $50 billion in assets under management (AUM). This milestone was achieved in just 228 days, breaking records for the fastest-growing ETF. Bloomberg ETF Strategist Eric Balchunas noted the contrast, highlighting that the previous record-holder took over 1,300 days to reach the same figure.
The ETF’s success has been fueled by strong institutional demand, with net inflows exceeding $33 billion since its inception. This week alone, IBIT attracted $1.6 billion in inflows, underscoring Bitcoin’s growing appeal among traditional financial players.
Adding to the momentum, Russian President Vladimir Putin voiced his support for Bitcoin at the Russia Calling Investment Forum. “Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another,” Putin remarked. He also declared that “no one can ban Bitcoin.”
