(Reuters) – It hit a document excessive of $100,000 on Thursday because the election of Republican Donald Trump as U.S. president fueled expectations that his administration would usher in a pleasant regulatory atmosphere for cryptocurrencies.
The world's largest cryptocurrency final traded at $102,900.
The value has risen 45% since Trump's victory on November 5, pushed by a spate of purchases that poured capital into US bitcoin-backed exchange-traded funds.
COMMENTS:
DAN COATSWORTH, AJ BELL INVESTMENT ANALYST, LONDON
“Breaking the $100,000 degree doesn’t imply that Bitcoin will change into mainstream. It's only a psychological issue and finally only a quantity.
“Plenty of individuals have gotten wealthy this 12 months because of the skyrocketing worth of cryptocurrency, however this high-risk asset isn't for everybody. It’s unstable, unpredictable and fueled by hypothesis, none of which is a sleep funding.
CHANG WEI LIANG, FX AND CREDIT STRATEGIST, DBS, SINGAPORE:
Bitcoin costs are on the rise, cryptocurrency adoption could also be reaching an inflection level within the US.
The incoming Trump administration is seen as extra welcoming to cryptocurrencies, and there may very well be progress in establishing a US strategic bitcoin reserve in 2025, along with modifications in regulatory tips that would assist the business develop.
SHOKI OMORI, JAPAN CHIEF STRATEGIST DESKTOP STRATEGIST, MIZUHO SECURITIES, TOKYO
“Particular person traders should be excited to see the worth of BTC leap $100,000 after the information of Paul Atkins' nomination as SEC chairman. Markets knew that Gensler would step down and somebody much less aggressive on crypto regulation can be discovered. After all, this isn’t the case.” It doesn't imply BTC will go up eternally as there might be strikes to take income.
“I believe if BTC have been to go greater from right here, the opposite crypto majors ought to catch up a bit first, like . Ethereum seems to be low-cost vs. Bitcoin. It shot up, however once more we noticed revenue taking at $2.80. Altos look uneven.” The crypto group is in search of constructive headlines to push crypto costs even greater.The tailwind from Trump's commerce is beginning to fade because the markets have already got plenty of headlines.
JEFF MEI, COO AT BTSE, HONG KONG
“Bitcoin's rise previous $100,000 isn’t just a milestone; represents a pivotal second for the cryptocurrency business.
“Confidence is fueled by an more and more favorable regulatory atmosphere within the US, notably the appointment of Paul Atkins as SEC chairman. That is more likely to spur additional institutional funding within the sector, giving bitcoin extra credibility and resulting in a brand new wave of adoption.”
“Going ahead, Bitcoin might attain even larger heights as extra establishments start to see it as a viable retailer of worth and allocate funds to Bitcoin ETFs. I’d additionally anticipate extra establishments to rotate into Ethereum ETFs, which haven’t been as well-liked.” just like the bitcoin ones till now.”
GEOFF KENDRICK, GLOBAL HEAD OF DIGITAL ASSETS RESEARCH, STANDARD CHARTERED, LONDON
“On the finish of the day, it's only a quantity … however the actuality is that we've been capable of get to this degree as a result of the business has change into significantly institutionalized this 12 months — and that's principally the inflow of ETFs.
“Roughly 3% of the overall provide of bitcoins that may ever exist was purchased by institutional cash in 2024.”
TONY SYCAMORE, ANALYST, IG, SYDNEY
“After spending the final 12 classes engaged on overbought values and recovering energy, the king of cryptos has topped $100,000 in buying and selling at the moment.
“That is more likely to be the catalyst for an additional wave of momentum shopping for to push it to the subsequent cease of $105,000, forward of $120,000 in 2025.”
KYLE RODDA, SENIOR FINANCIAL MARKET ANALYST, CAPITAL.COM, MELBOURNE
“It's an enormous milestone for true believers and maybe proof of legitimization of the asset. If we're speaking about the place we're going from right here, there's motive to imagine this factor might proceed. These year-end crashes usually trigger bitcoin to greater than double.” in worth.
“Given lowered regulatory threat, the continued enchantment of non-fiat belongings on account of perceptions of US fiscal profligacy and larger geopolitical dangers, there are nonetheless tailwinds that would help worth positive aspects.”
JUSTIN D'ANETHAN, INDEPENDENT CRYPTO ANALYST, HONG KONG:
“Bitcoin crossing $100,000 is greater than only a milestone; it's a testomony to a shift in finance, expertise and geopolitics. A quantity not way back thought of a fantasy is a actuality.”
“Institutional acceptance is obvious as seen by elevated quantity within the CME, alternate traded funds (ETFs) and derivatives markets throughout US hours. Funds now primarily must both become involved or threat being on the sidelines whereas probably might be bolder rivals.” overcome.”
BOBBY ONG, CO-FOUNDER, COINGECKO, KUALA LUMPUR:
“Bitcoin reaching the $100,000 milestone marks a big second for the cryptocurrency market, reflecting its rising maturity and mainstream adoption.
“The psychological significance of $100,000 can be attracting new traders and driving market sentiment. This rally demonstrates Bitcoin's place as a number one monetary innovation, cementing its status as a digital retailer of worth and a hedge towards conventional financial uncertainties.”
“It additionally underscores the rising acceptance of cryptocurrencies as a authentic asset class.”
SHANE OLIVER, CHIEF ECONOMIST AND HEAD OF INVESTMENT STRATEGY, AMP (OTC:), SYDNEY:
“Over time it's proving itself as a part of the monetary panorama, it's shifting in additional as a retailer of worth versus an everyday asset you can worth based mostly on the issues it produces, like shares.
RAY ATTRILL, HEAD OF FX RESEARCH, NAB, SYDNEY:
“It's the last word speculative asset, isn't it?
“It didn't shock me … it was most likely the purest 'Trump commerce.'
“The take a look at might be if sooner or later we actually throw up in risk-on sentiment and begin to see an enormous inventory market correction. The place does cryptocurrencies match into that? I don't know the reply.”
RICHARD TENG, MANAGING DIRECTOR, BINANCE, DUBAI:
“Almost 16 years since its first block was mined in 2009, Bitcoin has reached the $100,000 per coin milestone, giving the asset a complete market capitalization of $2.1 trillion.
“It additionally places bitcoin on a really brief record of simply seven belongings or corporations which have reached a market capitalization of greater than $2 trillion, the remaining being gold and tech giants NVIDIA (NASDAQ: ), Apple (NASDAQ: ), Microsoft ( NASDAQ: ), Alphabet (NASDAQ: ) (Google) and Amazon (NASDAQ: ).
“With discuss of a US strategic bitcoin reserve and extra corporations including bitcoin to their company coffers, we're on the precipice of true mainstream international adoption.”
JEAN-BAPTISTE GRAFTIEAUX, CEO, BITSTAMP, LUXEMBOURG:
“Bitcoin reaching $100,000 is a watershed second that underscores its resilience after a number of difficult years. Regardless of shifts within the political and regulatory atmosphere, bitcoin has confirmed its energy.
“This milestone displays the rising maturity of the crypto market as conventional monetary establishments and retail clients more and more embrace digital belongings. Wanting forward, we anticipate broader integration of cryptocurrencies into retail, skilled and institutional holdings and pension funds, together with a extra various vary of buying and selling companies and instruments that mirror the evolution of conventional finance.”
