WASHINGTON: US president-elect Donald Trump on Thursday took credit for bitcoin’s historic surge past $100,000, telling his social media followers “you’re welcome” after the cryptocurrency jumped more than 50 per cent since his election victory.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump, who in September launched his own crypto platform, wrote on Truth Social.

Bitcoin broke $100,000 for the first time on Thursday after Trump nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism the incoming president will deregulate the sector.

The digital unit has enjoyed a blistering rally since the Nov 5 election of Trump, who pledged to make the United States the “bitcoin and cryptocurrency capital of the world”. Bitcoin hit a record of $103,800.45 in Asian trading hours on Thursday before dipping back to around $101,000.

Following Trump’s remarks, it began climbing again, reaching $103,320. The volatile asset has soared by around 140pc since the turn of the year. However, its advance had stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts before jumping in to buy. That came after Trump, who takes office in January, announced on Wednesday that he would nominate Atkins to take over as chair of the Securities and Exchange Commission.

Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.

An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.

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

Atkins replaces Gary Gensler, who led a crackdown on the sector after a 2022 market rout. Even so, the SEC this year authorised the trading on the American market of two new financial products, allowing a wider public to buy cryptocurrencies, called ETFs (exchange-traded funds).

Published in Dawn, December 6th, 2024