President-elect Donald Trump is pleased that Bitcoin, the world’s most popular cryptocurrency, has hit $100,000 for the first time.

Apparently he deserves full credit.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together we will make America great again!” Trump wrote on Truth Social on Thursday morning.

Bitcoin rose after his election victory last month and after Trump announced he would nominate cryptocurrency advocate Paul Atkins to head the Securities and Exchange Commission.

According to CoinDesk, Bitcoin was at $69,374 on election day before reaching $103,713 on Wednesday. After the crypto exchange FTX collapsed two years ago, Bitcoin fell below $17,000.

While Bitcoin futures are up four percent, the cryptocurrency was just under $103,000 early Thursday. The value of Bitcoin has more than doubled this year.

Cryptocurrency is digital money on an online network with no central power and therefore is not typically supported by governments or banks.

Bitcoin, which can be very volatile, is the largest and oldest cryptocurrency, with Dogecoin, Tether and Ethereum also becoming increasingly popular in recent years.

While some investors view cryptocurrencies as a digital alternative, the vast majority of daily financial transactions are still conducted via fiat currencies.

The president-elect was once skeptical about crypto. In a 2021 interview, he said that it “seems like a scam,” adding, “I don’t like it because it’s another currency that competes with the dollar.”

He has since vowed to make the US the “crypto capital of the planet” and establish a “strategic reserve” of the currency. The Trump campaign accepted cryptocurrency donations and he campaigned at a Bitcoin conference this summer. His family founded World Liberty Financial, a cryptocurrency dealer.

Powerful players in the crypto space are hoping that Trump’s victory may mean even less regulation and more legitimacy.

Trump moved in that direction on Wednesday with the appointment of Atkins, a former SEC commissioner under President George W. Bush. Atkins has spoken out against market regulation and joined the cryptocurrency advocacy organization Token Alliance in 2017.

Under current Chairman Gary Gensler, the SEC has imposed restrictions on the cryptocurrency industry and prosecuted several companies for violations of securities laws. Robinhood’s chief legal officer called Gensler’s view of crypto “rigid” and “hostile.” Gensler is expected to resign when Trump enters the White House.

But the SEC approved spot Bitcoin ETFs in January. The exchange trade funds allow investors to gain exposure to the cryptocurrency without purchasing it.

When the COVID-19 pandemic began, Bitcoin was just over $5,000. By November 2021, it had reached almost $69,000 and subsequently declined as the Federal Reserve decided to raise interest rates. At the end of 2022, it fell below $17,000 due to the FTX collapse.

Investors returned as inflation began to fall and profits increased due to the approval of spot ETFs. Experts still argue that smaller investors in particular should be cautious as the new Trump administration may impose fewer regulations.

Kaiko Research analyst Adam Morgan McCarthy urged investors to “keep it simple.”

“Don’t take more risks than you can afford,” he said, pointing out that there is no “magic eight” for looking into the future.

The Associated Press contributed to this report