Bitcoin breaches $100,000 for first time

(Sharecast News) - Bitcoin topped $100,000 for the first time on Thursday, after Donald Trump nominated cryptocurrency advocate Paul Atkins to run the Securities and Exchange Commission. Atkins, who will replace outgoing chair Gary Gensler, is the former co-chair of the Digital Chambers' Token Alliance. He also served as SEC commissioner from 2002 to 2008 under George W Bush.

Announcing the appointment, president-elect Trump said on Truth Social that Atkins "recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before".

Atkins is the latest crypto enthusiast to be appointed to a key role in the Trump administration, alongside X owner Elon Musk and Howard Lutnick, who will run the commerce department.

Crypto-friendly Trump has previously pledged to make the US "the bitcoin superpower of the world".

As a result, bitcoin has enjoyed a strong run in recent weeks, climbing 50% since the November election and a further 6% to reach $103,800 on Thursday.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "While questions linger over Bitcoin's role as a reliable store of value, its speculative allure and the pace of crypto innovation are becoming hard to ignore.

"Institutional interest and regulatory shifts are adding legitimacy, turning what once seemed like a fringe asset into a force reshaping finance."

Dan Coatsworth, investment analyst at AJ Bell, said: "Smashing through the $100,000 level does not represent bitcoin going mainstream. It's merely a psychological factor and ultimately just a number.

"A lot of people have got rich from the cryptocurrency soaring in value this year, but this high risk asset isn't suitable for everyone. It's volatile, unpredictable and driven by speculation.

"Anyone buying bitcoin should be willing to accept the potential downside, especially if the crypto market eventually proves to be the Emperor's new clothes."