Bitcoin has blasted through a series of record highs since President-elect Trump’s election victory as the crypto industry anticipates a significant shift in federal policy.

The price of one bitcoin neared $100,000 this week, rising more than 40 percent since the reelection of Trump, who has pledged to be the most pro-crypto president and make the U.S. the “crypto capital of the planet.”

The expected departure of Securities and Exchange Commission (SEC) Chair Gary Gensler coupled with Trump’s Cabinet picks is further fueling excitement among crypto investors, who see greener pastures ahead for the polarizing industry.

“The sense is the new administration, at the very least, is going to facilitate productive engagement with the regulators,” said Katherine Kirkpatrick Bos, the general counsel for cryptography software company Starkware. “For the past four years, there was little to no productive engagement between crypto and the SEC.”

“It was very combative. There is now a sense that there will be productive conversation surrounding these core legal issues has made institutional investors very excited and more willing to engage with crypto assets,” she added.

The crypto community’s embrace of Trump’s victory was seen almost immediately in the market. Bitcoin spiked eight percent on the day after the election, setting off a days-long rally before it reached a record high of more than $98,700 last Friday.

Bitcoin started to slide back towards $90,000 earlier this week, along with a drop among other smaller crypto stocks. Still, observers told The Hill they are confident the surge will last, with one analyst calling the market “structurally sound.”

Despite past skepticism of digital currencies, Trump is surrounding himself with pro-crypto voices as heads back to the White House........

© The Hill