Bitcoin broke a record in the wee hours of December 5th.
The foremost of cryptocurrencies traded over $100,000 just after 2:45 AM UTC. For the next several hours it bounced between $99,000 and $101,000.
Bitcoin reached its peak value at $103,511 at 3:15 PM.
The surge came after President-elect Donald Trump announced he would nominate Paul Atkins, a pro-crypto and pro-deregulation figure, to run the Securities and Exchange Commission.
“I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission,” Trump said in a Truth Social post on December 4th.
“Paul is a proven leader for common sense regulations,” Trump added. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Celebrating the market response, Trump later returned to Truth Social the next day to say, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Atkins’ nomination is a departure from some of Trump’s other cabinet picks, which have skewed more heavily toward longtime political allies, such as former Georgia Sen. Kelly Loeffler who was tapped to lead Trump’s Small Business Administration.
Atkins is experienced in the SEC world having served as a commissioner from 2002 to 2008. He currently heads up Patomak Global Partners, a consulting firm with clients across the financial and cryptocurrency industries.
This perceived pro-crypto signaling is a departure for the former president in other ways. Trump once called cryptocurrencies a “scam” and told Fox Business they were “potentially a disaster waiting to happen”
The choice comes after a likely disappointment for the tech sector with the re-election of Sen. Elizabeth Warren (D-MA). Warren has long been a bete noire for the tech industry because of her support for anti-trust lawsuits against Google and Facebook, and her support for greater regulation of cryptocurrencies. Both forces converged on Warren in the 2024 general election and spent considerable resources including cash and possibly skewed search engine results to support her ultimately unsuccessful Republican opponent, The Dallas Express reported.
If confirmed by the Senate, Atkins will replace President Joe Biden’s appointee Gary Gensler. Gensler was perceived to be pro-crypto regulation.