From outsider to the Oval Office, bitcoin surges as a new administration embraces crypto
Bitcoin burst on the scene after trust had withered in the financial system and Washington’s ability to protect people from it
NEW YORK (AP) — Born from the ashes of the 2008 global financial crisis, bitcoin arrived after trust had withered in the financial system and in Washington's ability to protect those who must participate in it. Now, it's Washington's very embrace of bitcoin that's helping to send its price to records and lining the pockets of its believers.
Bitcoin briefly surged above $103,000 after President-elect Donald Trump said he intends to nominate Paul Atkins, a former regulator who's seen as friendly to crypto, as the next chair of the Securities and Exchange Commission. He would replace Gary Gensler, who critics say has been overly aggressive in his oversight of crypto.
It's the latest leg in an astonishing run for bitcoin, whose swings in price are already notoriously extreme.
Bitcoin has more than doubled this year, with a particularly big jump coming after Election Day, when its price was sitting below $70,000. During his campaign, Trump called for making the United States “the crypto capital of the planet."
