Bitcoin Breaks $100,000 Barrier Amid Institutional Adoption and Political Support

Bitcoin reached over $100,000 for the first time, driven by political support and institutional investment, marking a significant milestone in its acceptance into the mainstream financial markets. This boom, marked by rapid growth, has been facilitated by favorable U.S. regulations and widespread institutional interest.

Bitcoin surged past the $100,000 mark on Thursday, heralded as a major milestone even by skeptics as digital assets strengthen their position within the financial sector. Investors are banking on the U.S. to provide a conducive environment for cryptocurrencies.

The digital currency hit $103,619 following U.S. President-elect Trump's nomination of pro-crypto Paul Atkins for the Securities and Exchange Commission, peaking at $102,675. The crypto market's total value, nearly doubling over the year, reached a record high of $3.8 trillion according to CoinGecko, rivaling Apple's valuation.

Once considered fringe, Bitcoin is now recognized on Wall Street, creating millionaires and popularizing "decentralized finance." The cryptocurrency's value has significantly increased, encouraged by institutional adoption and Trump's pledge to enhance America's crypto landscape.

(With inputs from agencies.)