Trump hails Bitcoin rally after the cryptocurrency surpasses $100,000 for the first time

Bitcoin (BTC-USD) rebounded from its all-time high on Thursday afternoon after surpassing the key $100,000 mark on Wednesday evening in a stunning rally, driven by the belief that President-elect Donald Trump’s administration will create a crypto-friendly regulatory environment .

Bitcoin has risen more than 40% since Trump’s presidential victory in November and has remained just below $100,000. On Thursday, the token topped $103,000 before falling back.

Trump used his social media platform Truth Social early Thursday to cheer the move, telling crypto enthusiasts they were welcome to the rally following his election victory last month.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! You’re welcome!!!” Trump wrote. “Together we will make America great again!”

The token’s latest surge came late Wednesday after Trump nominated Paul Atkins as chairman of the Securities and Exchange Commission. Atkins was considered a crypto-friendly choice for this position.

Trump said Atkins, CEO and founder of Pomak Global Partners and also a former SEC commissioner, “is a proven leader for sensible regulation.”

“He also recognizes that digital assets and other innovations are critical to making America greater than ever before,” Trump wrote on Truth Social on Wednesday.

New York Sen. Kirsten Gillibrand, a Democrat, told Yahoo Finance on Wednesday that Atkins has the “right experience” to create federal crypto legislation.

“Atkins could definitely be a good SEC boss,” Gillibrand said (video above).

Investor optimism about crypto-friendly policies grew last month after the SEC announced that Chairman Gary Gensler will resign on January 20, the inauguration day of the president-elect.

Gensler led a crackdown on the industry during his time at the SEC. Wall Street had expected his successor to seek less regulation around cryptocurrencies.

“The new SEC chairman is expected to be more supportive of crypto,” said Owen Lau, managing director and senior analyst at Oppenheimer, in a recent interview with Yahoo Finance.

“It’s huge because it represents a dramatic regime shift from violating security laws to crypto capital,” he added.

Read more: Bitcoin breaks another record: is now the time to invest?

Based on Trump’s campaign promises, which include prioritizing the creation of a national Bitcoin supply, Bitcoin has been an important part of Trump’s trade.

Reports that Trump’s transition team is discussing the possibility of an initial White House role or a “crypto czar” to oversee Bitcoin policy have also sent the token higher.

The story continues