Bitcoin has surged past US$100,000 for the first time, stoked by post-US election hopes that Donald Trump will deregulate cryptocurrencies when he takes office.
The cryptocurrency reached a valuation of US$104,000 late on Wednesday US time, spiking an overwhelming 7.62% in the past 24 hours.
Bitcoin has risen 133.41% since the start of 2024, originally standing at US$44,200 in January.
The surge comes as the US president-elect announced plans to make the US “the crypto capital of the planet’ and a ‘bitcoin superpower;’ two comments that were met with divisive reactions on social media.
Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:
On Tuesday, Trump announced plans to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission (SEC), the US market regulator akin to the Australian Securities and Investments Commission (ASIC).
The ABC reports that Donald Trump called Mr Atkins a “proven leader for common-sense regulations.”
The digital currency was created back in 2008 by an unidentified software developer known by the pseudonym Satoshi Nakamoto.
Donald Trump previously labelled the cryptocurrency as a ‘scam’, but pivoted during the closing chapter of his campaign trail. The US president-elect accepted cryptocurrency donations and also attended a Bitcoin conference in July this year.
Subscribe to The Briefing, Australia’s fastest-growing news podcast on Listnr today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.