Islamabad, Dec 16: Bitcoin has reached a new all-time high, continuing its upward trajectory with a more than 50% increase in value since Donald Trump’s victory in the U.S. presidential election on November 5. On Monday, the cryptocurrency briefly surpassed $106,000 before stabilizing around $105,000.
The surge is largely attributed to investor expectations of a more crypto-friendly approach under the incoming Trump administration, in contrast to the policies of the Biden White House. President-elect Trump recently announced that he is considering the creation of a national Bitcoin reserve, inspired by the U.S. Strategic Petroleum Reserve. This proposal has sparked enthusiasm in the cryptocurrency market, with many seeing it as a sign of institutional support for digital assets.
Trump has also made significant appointments that suggest his administration’s commitment to advancing cryptocurrency and technology. Earlier this month, he named David Sacks, a Silicon Valley entrepreneur and former PayPal executive, as his “AI and cryptocurrency czar.” Sacks, a close ally of Trump adviser and billionaire donor Elon Musk, is expected to play a pivotal role in shaping digital asset policies.
In another move welcomed by the crypto industry, Trump announced plans to nominate Washington attorney Paul Atkins, a strong advocate for cryptocurrency, as the new head of the Securities and Exchange Commission (SEC). Atkins would replace current SEC Chairman Gary Gensler, who has faced criticism for his regulatory actions against cryptocurrency firms. Gensler is set to step down on January 20, coinciding with Trump’s inauguration.
