Bitcoin reaching $100,000 marks a milestone in its remarkable ascent.

Bitcoin has hit the $100,000 mark for the first time, driven by a significant increase in value after Donald Trump won the election.

The cryptocurrency reached a record high of $103,900 on Thursday following Mr. Trump's announcement of Paul Atkins as the new head of the Securities and Exchange Commission (SEC). Mr. Atkins, a former SEC official and consultant, was commended by Mr. Trump for being “a proven leader for smart regulations.” He also noted that Atkins “understands that digital assets and other innovations are essential to Making America Greater than Ever Before.”

Since Mr. Trump won the election, Bitcoin's price has surged by almost 50% and has nearly tripled over the last year. The president-elect’s supportive attitude toward cryptocurrency has sparked excitement in the sector. Mr. Trump has promised to reverse Joe Biden’s regulations on digital currencies and to create a national reserve of Bitcoin.

The industry received a boost from the news that SEC Chair Gary Gensler will resign when Mr. Trump takes office. There are indications that Mr. Trump's team might appoint a "crypto czar," which could create a direct way for the industry to communicate with the government.

Bitcoin's achievement of the $100,000 mark highlights its remarkable journey, characterized by several cycles of rapid growth and sharp declines, yet it has managed to see considerable long-term gains. Created in 2008, Bitcoin has transformed from having little to no value to reaching a market capitalization nearing $2 trillion.

The cryptocurrency initially surpassed the $1,000 mark in 2013 and reached $10,000 in 2017. If someone had invested £1,000 in Bitcoin ten years ago, it would now be valued at over £267,000.

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