The worth of Bitcoin surpassed $100,000 for the first period Thursday amid expectations that Donald Trump will make a amiable regulatory surroundings for cryptocurrencies when he heads to the White House next year.

The milestone was reached amid Trump’s announcement that he would be nominating Paul Atkins as chair of the stocks and bonds and trade fee, who is expected to bring economy deregulation. The president-elect had promised on the campaign trail to replace outgoing chairman Gary Gensler, an appointee of President Joe Biden whose enforcement efforts led to clashes with Wall Street.

Trump had also vowed at a July bitcoin conference in Nashville to make a crypto-amiable administration and overhaul U.S. policy, including plans a recent crypto advisory council.

The president-elect celebrated − and took financing for − the milestone in a post on his Truth Social platform Thursday morning: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!”

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Bitcoin worth chart

Bitcoin has been surging for months

thrill about a crypto-amiable administration has for months been pushing Bitcoin, the globe’s biggest and best-known cryptocurrency, to its long-awaited $100,000 milestone.

Cryptocurrency, which is 16 years ancient, is a digital money and does not depend on banks to verify transactions.

Bitcoin more than doubled in worth this year and has soared over 45% since the Nov. 5 U.S. presidential election, which has also seen a slew of pro-crypto lawmakers being elected to Congress. Since Trump’s sweeping win, traders have bet that Trump’s stated commitment to back cryptocurrencies would navigator to a less restrictive regulatory surroundings, lifting the sector overall, Reuters reported.

Trump courted back and campaign donations from the sector with promises to be a “crypto president” and complete President Joe Biden’s crackdown on crypto companies that regulators accused of flouting stocks and bonds and anti-money laundering laws.

The industry is pushing for executive orders guaranteeing crypto companies’ access to banking services, an complete to enforcement actions and other changes.

Trump signals back for crypto

The Bitcoin standard comes in the same week that Trump announced his nomination of Paul Atkins to navigator the stocks and bonds and trade fee.

Atkins, 66, is the CEO and founder of Patomak Global Partners, a financial consulting firm with clients that include cryptocurrency firms and exchanges.

Atkins is well-known as a pro-business former federal regulator who is amiable toward the budding cryptocurrency industry. He’s also familiar among Republican business circles and the co-chairman of the Digital Chamber’s Token Alliance, which has advocated for Bitcoin and other digital currencies by fighting SEC regulations that target the industry.

Gensler, who has held the position for four years and who regularly took on the crypto industry, will step down in January.

Trump himself has dabbled in cryptocurrency. He released crypto-based digital buying and selling cards – and Trump Media and Technology throng, which operates Truth Social, is reportedly close to acquiring crypto buying and selling firm Bakkt. The Trump household launched its own crypto firm, globe Liberty financial, in September.

Contributing: Nicole Fallert, Joey Garrison, Mike Snider, USA TODAY; Reuters

Eric Lagatta covers breaking and trending information for USA TODAY. Reach him at [email protected]