Bitcoin Crosses $100,000 for First time as Trump Makes New Appointment

• For the first time, Bitcoin surpassed $100,000 raising expectations that the next president will pass legislation to de-regulate the market
• This occurred as investors praised Donald Trump's selection of a cryptocurrency lover to head the US securities watchdog, Paul Atkin
• Atkins has been co-chairman of the Digital Chamber of Commerce since 2017, which promotes the use of digital assets, according to the Trump transition team

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Bitcoin exceeded $100,000 for the first time on Thursday as investors applauded Donald Trump's choice of a cryptocurrency enthusiast to lead the US securities watchdog, boosting hopes that the incoming president will enact legislation to de-regulate the industry.

Following Trump's election on November 5th, when he made a campaign promise to make the US the "bitcoin and cryptocurrency capital of the world," the cryptocurrency surged through the mark after a furious rise.

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The digital unit has increased by over 50% since the Trump's victory and by almost 140% since the year began.

But in recent weeks, the unit's rise has stopped, hovering just around $100,000 as traders anticipated fresh reasons to buy in. It reached a high of $103,800.44 before retreating to just below $103,000.

This followed the announcement that Trump has appointed prominent cryptocurrency advocate Paul Atkins to succeed him as the Securities and Exchange Commission's chair.

After serving as an SEC commissioner from 2002 to 2008, Atkins established Patomak Global Partners, a risk consulting firm, in 2009. The firm's customers include businesses in the cryptocurrency, banking, and trading sectors.

The Trump transition team announced that Atkins has served as co-chairman of the Digital Chamber of Commerce since 2017, which encourages the use of digital assets.

“Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to robust, innovative capital markets.

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“He also recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.

African countries with highest crypto adoption

Legit.ng reported that although there has been major inflation and government crackdowns on cryptocurrency platforms, the use of cryptocurrencies in Africa has increased significantly since 2023.

The expansion facilitates trade throughout Africa and is mostly driven by significant investments and an increase in private interests.

According to a recent Chainalysis study, Sub-Saharan Africa accounted for about 2.7% of the volume of transactions in the global crypto economy this year.

Source: Legit.ng