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Crypto market leader Bitcoin (BTC) zoomed past the psychological $100K mark for the first time in history after US President-elect Donald Trump nominated pro-crypto Paul Atkins to replace Gary Gensler as the new Chair of the Securities and Exchange Commission (SEC).
BTC pumped more than 9% in the last 24 hours to trade at $102,104.55 as of 1:10 a.m. EST. This added to the crypto king’s weekly gain and boosted Bitcoin’s market cap to above $2 trillion.
Trump Nominates Atkins As Gensler’s Replacement
Incoming US President Trump announced in a Dec. 4 post on Truth Social that he has nominated Atkins to replace SEC Chair Gensler as the agency’s chief. In the post, Trump noted Atkins’ former role as an SEC commissioner, adding that he “strongly advocated for transparency and protecting investors,” during his time at the regulator.
This nomination of a pro-crypto SEC Chair follows the promises made by Trump earlier this year at the Bitcoin 2024 conference. At the event, the President-elect said that he would fire Gensler during his first day in the White House. Trump also promised to make America the crypto capital of the world.
Gensler has since announced that he will be stepping down from his role at the SEC.
Fed’s Jerome Powell Says BTC Is Not A Competitor To The Dollar
While BTC sets a new all-time high, Federal Reserve Jerome Powell has said that the leading crypto is not a competitor to the U.S. dollar. During a Dec. 4 appearance at the DealBook Summit in New York, Powell called BTC a “speculative asset” similar to “gold,” before adding that the only difference is that Bitcoin is “virtual” and “digital.”
Today…
Jerome Powell: “It’s just like gold only it’s virtual. It’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar. It’s a competitor for gold.”
Vladimir Putin: “For example, Bitcoin, who… pic.twitter.com/kWenz2kMJB
— Sam Callahan (@samcallah) December 4, 2024
“People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar. It’s really a competitor for gold,” Powell said.
He also dismissed the idea that investors see Bitcoin as a symbol of a lack of faith in the US dollar.
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