Bitcoin price crosses $100,000 for the first time

The price of Bitcoin crossed the $100,000 mark on Thursday to trade at $103,407 at 9:24 a.m. UAE time, marking a massive rally.

The most popular cryptocurrency reached this milestone just hours after US President-elect Donald Trump said he intends to appoint cryptocurrency advocate Paul Atkins as the next chairman of the Securities and Exchange Commission.

The appointment raised hopes for a looser regulatory approach to the digital currency.

Read: Is Bitcoin a Bubble? Sure, if bubbles could last for decades

This milestone also signifies the growing acceptance of Bitcoin in the financial mainstream.

Bitcoin’s value has more than doubled this year, gaining around 40 percent in the two weeks since Trump was elected as the next US president and several pro-crypto lawmakers were elected to Congress.

Crypto investors have hoped that Trump’s policies will reduce regulatory hurdles and promote institutional adoption.

Read | Bitcoin: A Divisive Asset The World Cannot Ignore

Trump relied on digital currencies during the campaign, promising to make the United States the “crypto capital of the planet” and amass a national supply of Bitcoin. The growing optimism came as crypto investors saw that increased scrutiny under US Securities and Exchange Commission Chairman Gary Gensler was coming to an end.

Trump also announced a new crypto company, World Liberty Financial, in September. Although details about the deal were few, investors viewed his personal interest in the industry as a positive signal.