Bitcoin Nears Historic $100K Milestone Amid Trump Regulatory Shift

Bitcoin almost hit $100,000 following Trump’s U.S. presidency win, sparking expectations of a favorable regulatory environment for cryptocurrencies. His embrace of digital assets and initiatives like World Liberty Financial signal potential growth, paralleling strong ETF performances. However, concerns over energy use and crypto crime persist.

Bitcoin surged close to breaking the $100,000 barrier for the first time on Thursday, amidst anticipation of a pro-cryptocurrency regulatory framework under the administration of recently elected Republican, Donald Trump.

With strong backing from figures like Elon Musk, Trump has vowed to transform the U.S. into a global crypto powerhouse, contributing to a substantial uptick in bitcoin valuation.

The approval of bitcoin-focused ETFs has played a pivotal role, bringing institutional investment into play. Nonetheless, challenges exist with past crypto scandals and environmental concerns from intensive energy usage.

(With inputs from agencies.)