Bitcoin Hits $100,000, Lifted by Hopes of a Crypto-Friendly Washington

Bitcoin traded above $100,000 for the first time late Wednesday, powered by a wave of investors betting that President-elect Donald Trump will turn U.S. government policy into an engine of growth for crypto.

The world’s largest digital currency has staged an extraordinary rally since Election Day, surging more than 40% in just four weeks and setting one record after another. It surged as high as $103,853 after Trump picked Paul Atkins, a crypto-friendly former regulator, to lead the Securities and Exchange Commission. During the campaign, Trump dropped his earlier skepticism of bitcoin and promised to “end Joe Biden’s war on crypto.”