Bitcoin Makes New Record, Price Surpasses US1,00,000, Trump Appoints Crypto Supporter Atkins New SEC Head

Bitcoin, the largest cryptocurrency in terms of market value, has crossed the level of one lakh dollars for the first time on Thursday. There is excitement in the crypto market after Donald Trump’s victory in the US presidential election last month. Bitcoin has continuously made new highs in the last few weeks.

The price of this most popular cryptocurrency has doubled in the current year. Bitcoin has gained about 45 percent since Trump’s victory. Bitcoin made a new high of $1,00,277 on Thursday. Making policies for this segment may be on the agenda of the new Trump-led government that takes charge in the US early next year. Trump has announced to give the responsibility of head of the market regulator Securities and Exchange Commission (SEC) in America to Paul Atkins. Atkins has also previously held the position of commissioner in the SEC.

The interest of institutional investors in this segment has also increased. Recently, software company MicroStrategy has purchased approximately 15,400 bitcoins for approximately $1.5 billion. This company already has a larger holding of Bitcoin. MicroStrategy holds approximately 4,02,100 Bitcoins. This is a little less than two percent of the total supply of 21 million tokens of this most popular cryptocurrency. MicroStrategy has purchased approximately 15,400 Bitcoins last week at an average price of $95,976. However, questions have also been raised regarding the company’s investment strategy in Bitcoin. MicroStrategy initially decided to invest in Bitcoin as a hedge against inflation.

During the election campaign, Trump had indicated not to make strict regulations for cryptocurrencies. He also promised to make America the crypto capital of the world. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. Recently, former SEC Chairman, Jay Clayton had told that the new government can make a law to control cryptocurrencies. He had said that he is in favor of reducing the regulatory burden which will encourage listing of companies.