Bitcoin is setting the stage for its biggest milestone to date. The world’s most popular cryptocurrency is poised to cross $100,000 very soon as it continues to benefit from the election of Donald Trump.
Bitcoin has doubled in price since the start of the year. But it’s the 45% surge in the two weeks since the presidential election that made Bitcoin a major pillar of the “Trump trade.” The president-elect embracing the cryptocurrency industry has investors very bullish on the nascent asset class.
Over the summer, Trump gave the keynote address at the Bitcoin2024 conference and promised to fire U.S. Securities and Exchange Commission Chairman Gary Gensler on his first day. In anticipation of the move, Gensler announced Thursday, Nov. 21, he would resign from the position on Jan. 20, 2025, as Trump is being sworn in to office.
Gensler could have stayed with the agency as a commissioner through his term ending in 2026. But leaving the position opens the door for the future president to install someone who has a more favorable view of cryptocurrency.
The SEC under Gensler launched a legal fight to block Bitcoin ETFs. It lost its fight and has since approved a number of spot Bitcoin exchange-traded products, where billions of dollars have flowed. The SEC also took on companies that sold and held crypto during his time in the chair.
Gensler’s resignation announcement further cemented Bitcoin’s rally. He’s often faced criticism from crypto supporters because their favorite asset was a target of his.
“I will appoint a new SEC chairman who believes America should build the future, not block the future, which is what they’re doing,” Trump said during his address to Bitcoin2024 in July.
Since winning the election, Trump has announced picks to run agencies at a record pace. But he’s been relatively quiet about who will run the SEC.
Trump could make good on the promise of a crypto-friendly chair. CoinDesk reports he’s considering crypto lawyer Teresa Goody Guillen, formerly of the SEC and co-lead of law firm BakerHostetler’s blockchain practice.
“Upon taking office, I will immediately appoint a Bitcoin and crypto presidential advisory council,” Trump said in July.
There is a lot of interest in joining that council. Reuters reports high-profile crypto companies, including Ripple, Kraken and Circle, are all pushing for seats on the council.
Trump recently met with Coinbase CEO Brian Armstrong. It’s unclear what they discussed, but a source told Reuters he is interested in joining the council. Reuters reported the Trump transition team has also been getting advice from former CFTC Chair Heath Tarbert, now with Circle, and former CFTC commissioner Brian Quintenz, now with a16z crypto.
It’s expected the council will be part of the White House Economic Council, although there aren’t concrete details at this time.
“Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days,” Trump said in July. “We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive.”
The Bitcoin boom received some more air last week when Minneapolis Federal Reserve President Neel Kashkari told CoinDesk he’ll “keep an open mind” on cryptocurrency. Kashkari’s comments were a breath of fresh air to people in the industry. Over the years, he downplayed crypto, calling it “worthless,” fraudulent,” and “nonsense.”
While it looks like Bitcoin will easily surpass $100,000 in the coming days, prediction markets are betting on where it will land before the end of November.
On Polymarket, 46% of bettors see Bitcoin topping $105,000 by the end of the month. At 23%, a more optimistic group thinks it will hit $110,000 and 9% are betting it will go to $120,000.
