Bitcoin Surges Beyond $99,000, Nearing the $100,000 Milestone 

Trump’s Nomination of Paul Atkins Fans the Rally 

On Thursday, President-elect Donald Trump announced his intention to nominate Paul Atkins to lead the U.S. Securities and Exchange Commission. Following the announcement, Bitcoin surged by over 3%, as Atkins is widely regarded as a pro-crypto candidate. Trump’s favorable stance on cryptocurrencies has encouraged small businesses to allocate portions of their cash reserves to Bitcoin, challenging the dominance of traditional assets and positioning Bitcoin as a viable hedge against inflation. 

(BTCUSD Daily Price Chart, Source: Trading View) 

This could point to a trend in Bitcoin’s resurgence as a respectable tool for corporate treasuries. Treasurers are looking at cryptocurrency as one that is more resilient amidst economic uncertainties, geopolitical risks, and fiscal challenges that have made the prospects of traditional assets such as Treasuries and cash more complex. As of August, corporations held around 3.3% of Bitcoin’s total supply, a 30% year-over-year increase, according to a report by River, a financial services firm specializing in Bitcoin. 

Meanwhile, Securities and Exchange Commission Chairman Gary Gensler has called the asset speculative and volatile despite its growing charm. The comments come even though the regulator gave the green light for spot Bitcoin exchange-traded funds in the beginning of this year. Bitcoin has traditionally reacted in tandem with dips in the S&P 500 Index during any slowdown. 

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