Bitcoin has surged to new heights, nearing the $100,000 mark, as the cryptocurrency continues to benefit from expectations that a Donald Trump administration will bring a more favorable regulatory environment for digital assets. On Friday, November 22, Bitcoin hit a record high of $99,800 before slightly retreating to $99,383, up 1.33% for the day. This rally has been part of an extraordinary climb for the cryptocurrency, which has more than doubled in value this year, gaining about 45% since Trump’s sweeping election victory on November 5.
The momentum behind Bitcoin’s rally has been fueled by hopes that Trump’s pro-crypto stance will lead to a less restrictive legal and regulatory landscape. Trump, who has long been supportive of digital assets despite calling Bitcoin a “scam” during his first term, has promised to make the United States the “crypto capital of the planet” and even accumulate a national stockpile of Bitcoin. The market has responded positively, with investors betting that his administration will ease regulatory hurdles, especially following the announcement that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down in January.
Gensler’s departure is viewed as a victory for crypto investors, who have been critical of his aggressive enforcement actions against the industry. Under Gensler, the SEC filed lawsuits against major exchanges like Coinbase, Kraken, and Binance for failing to register with the agency. His resignation paves the way for a potential shift in regulatory approach under the incoming Trump administration, which is expected to be more favorable to crypto assets.
An employee of the Bithumb cryptocurrency exchange in Seoul watches an electronic signboard displaying the prices of Bitcoin and other cryptocurrencies
Bitcoin’s recent performance highlights its growing mainstream acceptance. Since its creation 16 years ago, the cryptocurrency has evolved from a niche digital asset to a major player in the financial markets. It has gained around 130% this year alone, with investors increasingly seeing it as a legitimate store of value. Shane Oliver, chief economist at AMP Sydney, noted that Bitcoin’s rising credibility is part of its continued growth. “The longer it survives, the more it is taken seriously,” he said.
The launch of U.S.-listed Bitcoin exchange-traded funds (ETFs) earlier this year also helped boost the cryptocurrency’s market position, with more than $4 billion flowing into these funds since the election. These ETFs have made it easier for both retail and institutional investors to gain exposure to Bitcoin, which has contributed to its rally.
Bitcoin’s price surge has made it one of the standout winners of what are now being dubbed “Trump trades”—assets seen as benefiting from Trump’s policies. It is also on track for its third consecutive week of gains exceeding 10%, and the cryptocurrency is poised to achieve its best monthly performance since February. As of now, Bitcoin is just a few thousand dollars away from breaking the $100,000 threshold, a milestone that would mark another significant chapter in the history of the digital currency.
However, Bitcoin remains highly volatile. Its previous peak of $69,000 in late 2021 was followed by a sharp drop to under $16,000 in 2022, a reminder of the inherent risks of investing in cryptocurrencies. Despite this, Bitcoin has managed to recover and rise significantly, fueled by a mix of regulatory optimism, institutional investment, and a growing belief in its potential as a long-term store of value.
As Bitcoin continues to make headlines and approach the $100,000 mark, the cryptocurrency world is watching closely, with many anticipating even greater gains in the coming months as the political and regulatory landscape shifts in favor of digital assets.
