The cryptocurrency hits a new high after Paul Atkins was named head of the Securities and Exchange Commission.

Bitcoin has surpassed $100,000 for the first time, buoyed by US President-elect Donald Trump’s decision to appoint a cryptocurrency proponent to head the country’s securities regulator.

The world’s most popular cryptocurrency rose above $103,000 on Thursday, continuing its explosive rise that has seen its value more than double this year.

“Bitcoin’s rise above $100,000 is not just a milestone; It represents a pivotal moment for the cryptocurrency industry,” said Jeff Mei, COO of digital asset exchange BTSE.

The latest surge comes after Trump named Paul Atkins, seen as a proponent of looser regulation of digital assets, as his nominee to lead the Securities and Exchange Commission.

In an announcement on Truth Social, Trump described Atkins, the CEO of Pomak Partners, as a “proven leader for common-sense regulation.”

“He believes in the promise of robust, innovative capital markets that respond to investor needs and provide capital to make our economy the best in the world.” He also recognizes that digital assets and other innovations are critical to making America greater than ever before,” Trump said.

If confirmed by the U.S. Senate, Atkins, who served as SEC commissioner under former President George W. Bush, would succeed Gary Gensler, who was widely disliked by crypto investors for his aggressive enforcement actions against the sector.

Bitcoin’s stunning growth, much of it since Trump’s November 5 election victory, makes the commodity one of the best-performing assets of 2024.

The digital currency is up more than 130 percent so far this year, well ahead of the S&P 500’s 28 percent gain.

Once a crypto skeptic who called Bitcoin a “fraud,” Trump emerged as an avid supporter of digital assets during his re-election campaign.

The Republican has promised, among other things, to make the USA the “crypto capital of the planet” and to create a “strategic national Bitcoin stockpile”.

In September, he and his three sons announced the launch of their own crypto company, World Liberty Financial.