Bitcoin prices surpassed the $100,000 milestone for the first time on December 5, driven by the appointment of a pro-crypto chair for the US Securities and Exchange Commission (SEC) by President-elect Donald Trump. Additionally, remarks from Russian President Vladimir Putin suggesting openness to adopting the digital asset further bolstered the rally, pushing the total market capitalization of cryptocurrencies close to $2 trillion.

Paul Atkins has been appointed by Trump to replace retiring SEC Chair Gary Gensler, who imposed stringent rules on digital assets. Donald Trump has plans for a strategic Bitcoin stockpile and has pledged to pick regulators who are more receptive to the digital asset sector. Supporters of cryptocurrency also emerged as lawmakers in the just-concluded US election.

President elect Donald Trump on his Truth Social account said, “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.”

Since Atkins has been a fervent advocate for digital assets, members of the financial market industry have favored his appointment as SEC head. According to Dan Gallagher, the legal head for Robinhood Inc., Atkins is “the perfect pick for SEC chair.”

Throughout his tenure as an SEC commissioner, Atkins advocated against corporate sanctions, arguing that they ultimately harm shareholders. Additionally, he has expressed disapproval of certain provisions of the Dodd-Frank law, which was passed following the 2008 financial crisis.

The cryptocurrency’s market value is at around $2 trillion. In comparison, the market capitalizations of Apple and Nvidia are little over $3.6 trillion and $3.5 trillion, respectively.

The global market value of all gold is around $17.7 trillion. 

It is anticipated that the excitement surrounding bitcoin will continue, particularly in light of the incoming Trump administration’s pro-bitcoin policies that are fostering a favorable climate for the virtual currency.