Bitcoin surged to record highs, climbing from $US69,374 on election day to $US103,713 on Wednesday, shortly after the president-elect signaled a more lenient regulatory stance towards the crypto industry by nominating Paul Atkins for the SEC chair. Trump's victory and his support for cryptocurrency are seen as significant factors in this surge, though the sustainability of the cryptocurrency at these levels remains uncertain.
The milestone came just hours after the president-elect signalled a lighter regulatory approach to the crypto industry when he said he intended to nominate cryptocurrency advocate Paul Atkins to be the next chair the Sec urities and Exchange Commission.
As with everything in the volatile cryptoverse, the future is impossible to predict. And while some are bullish on future gains, other experts continue to warn of investment risks.Cryptocurrency has been around for a while now. But, chances are, you've heard about it more and more over the last few years.
Trump, who was once a crypto sceptic, has pledged to make the US "the crypto capital of the planet" and create a "strategic reserve" of bitcoin. Under current chair Gary Gensler, the SEC has cracked down on the crypto industry, penalising a number of companies for violating securities laws. But he's also faced criticism from industry players in the process, like the chief legal officer of Robinhood, who described Gensler's approach toward crypto as "rigid" and "hostile". Gensler will step down when Trump takes office.
At the start of the COVID-19 pandemic, bitcoin stood at just over $US5,000. Its price climbed to nearly $US69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $US17,000.
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