Bitcoin approaches $100,000 as investors bet on crypto-friendly Trump policies | Crypto

The world’s most popular digital currency rises to $99,073 on expectations that Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts are betting that United States President-elect Donald Trump will bring a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose to $99,073 on Thursday, extending its gains since Trump’s re-election on November 5.

The stock has risen more than 60 percent since election day as investors wait for the incoming Trump administration to ease regulatory and legal barriers to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and promised to make the US the “crypto capital of the planet” and accumulate a national bitcoin reserve.

Trump and his three sons in September also announced the launch of their crypto business, World Liberty Financial, which investors took as a promising sign of the president-elect’s belief in the industry.

In another bullish signal for the sector on Thursday, the chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions against the sector, confirmed that he will step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, although the president does not have the authority to remove the SEC chairman before his term ends.

Although viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After rising to a record high of $69,000 in late 2021, Bitcoin fell to below $16,000 the following year.

The stock surpassed its previous high in March after gaining more than 300 percent since November 2022.