Bitcoin price hits new all-time high above $100,000 on optimism over Donald Trump’s crypto plans

Bitcoin price, the price of the world's largest cryptocurrency, has broken its $100,000 ceiling for the first time, hitting an all-time high on December 5 amid steps from United States President-elect Donald Trump which show his backing for the sector.

Trump has “spurred expectations” that his next term will create a friendly regulatory environment for cryptocurrencies, a Reuters report noted. On December 4 he nominated Paul Atkins, a known crypto proponent, to be the next chief of the US Securities and Exchange Commission (US SEC).

Bitcoin Soars

At time of writing, Bitcoin was at $102,388.46, with market cap up 6.84 per cent to $2.03 trillion, according to data on Coinmarketcap. By 8.55 am the token touched $103,047.71.

This height has come over 16 years since its creation and after years of highs and lows — particularly bottoming at $16,000 in 2022, and thus a speculation over an impending “bubble burst”.

Through the year, the token has more than doubled in value, rising 45 per cent since Trump won the US elections on November 5, the Reuters report added.

What Do Experts Say?

• Sumit Gupta, Co-founder, CoinDCX told Mint, “Crossing the $100K mark is a historic moment for Bitcoin and the global crypto industry. This milestone is a psychological breakthrough that will prompt institutions, companies, and countries to take Bitcoin and crypto more seriously. Retail investors may now view it as a validated, stable asset class, and we could see deeper integration of Bitcoin into mainstream investment products. While short-term volatility is inevitable, my focus remains long-term. I believe Bitcoin will continue to shape the future.”
• Mike Novogratz, founder and CEO of crypto firm Galaxy Digital told Reuters, “We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream. This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
• Justin D'Anethan, a Hong Kong-based independent crypto analyst told the news agency, “Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics. The figure not that long ago dismissed as fantasy, stands as a reality.”
• Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund also told Reuters that the Trump-effect has pushed cryptos. “We were trading basically sideways for about seven months, then immediately after November 5, U.S. investors resumed buying hand-over-fist,” he said.
• But not all is rose-tinted glasses, some market watchers are cautious now that Bitcoin has broken through the $100,000 level. Steven McClurg, founder of Canary Capital, a digital assets investment firm was cautious but optimistic, saying, “Once we flush out those sell orders, this could go higher still, and very rapidly… Bitcoin's prices can hit $120,000 by Christmas.”

Trump Has Stake in Cryptos Now

Notably, Trump now has stake in the cryptocurrency market and that makes investors hopeful his support would be consistent.

In September the billionaire launched a crypto platform promoted by him and his sons, Donald Junior and Eric, called World Liberty Financial. The project is a digital asset platform aimed at the decentralised finance (DiFi) segment, and is “supposed to help with financial security and being able to transact freely”, the report said.

The Republican has noticably “pivoted” his stance on digital assets — once calling bitcoin a "scam" and even promised to make the US the “crypto capital of the planet”, it added.

“We are going to make the US the crypto capital of the planet. If we (USA) don’t do it, China is going to do it. China is doing it anyway. But if we don’t do it, we’re not going to be the biggest, and we have to be the biggest and the best,” Trump said while speaking on the over two-hour long X Spaces livestream.

Further, Trump's social media company, the Trump Media and Technology Group, which operates Truth Social, is also in reportedly in talks to buy crypto trading firm Bakkt.

Trump's administrative buddy Elon Musk is also a huge proponent of cryptocurrencies, personally pushing Dogecoin as his choice of token many times of the social media platform X (formerly known as Twitter).

(With inputs from Reuters)