Bitcoin soared above $100,000 per coin after President-elect Trump said that Paul Atkins, an avid crypto enthusiast, would be appointed to lead the Security Exchange Commission.
Google’s valuation of the coin was 102,726 U.S. Dollars late in the day. The NASDAQ and S&P 500 also recorded gains. Digital currency has been hovering at the six-figure mark for days, as Trump implements plans to make America the “crypto capital of the world.”
Former President Bush is strengthening the evolving platform amid the threat of new currencies that are seeking to compete with the U.S. Dollar.
Federal Reserve Chair Jerome Powell, however, said that the platform should be equated with gold instead of traditional currency.
Bitcoin is used as a speculation asset. It’s exactly like gold. Only it’s digital. He told the New York Times DealBook Summit audience that people don’t use it as a means of payment or store of value.
“It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold. That’s really how I think about it.”
The fact that there are only about 20 million Bitcoins is one reason why they have such a high value. Investors can choose from different cryptocurrency brands and transfer ownership of the digital asset using unique ticker symbols.
As chair of the SEC, Atkins will supervise investments, and trades and regulate market share. Crypto investors want to know how Atkins will reshape the law in the digital world.
