Crypto giant Bitcoin (CRYPTO: BTC) surged beyond the $100,000 mark last week, reaching an all-time high of $103,259. This significant increase is largely credited to the perceived pro-crypto stance of President-elect Donald Trump.

What Happened: Bitcoin’s value has seen a nearly 50% increase since November 5, following the election of Trump. The incoming administration is anticipated to be the first to openly endorse cryptocurrencies.

The pro-crypto stance of Trump’s administration has wider implications for investors, the dollar, taxes, federal regulation, Treasury bonds, and gold, reports Barron’s.

The President-elect has made commitments to the crypto industry, including the establishment of a “strategic national Bitcoin stockpile” and the appointment of a crypto advisory council.

As per Benzinga data, the crypto ecosystem’s market cap is now at $3.6 trillion, with Bitcoin contributing over 55%. This signifies a 124% increase year to date and a staggering 1,720% increase over the past five years.

Also Read: Trump Aims To Make US ‘Crypto Capital Of The Planet’: ‘We’ll Get It Done’

Trump’s administration, including Trump himself, has strong connections to crypto. Trump has owned crypto, including at least $1 million in Ether (CRYPTO: ETH), and his business ventures include a crypto payment service named TruthFi.

With the expected crypto-friendly environment under the Trump administration, companies are preparing for new initiatives. Goldman Sachs is considering spinning out its digital asset platform, and BlackRock intends to expand its tokenized money-market fund.

Michael Saylor, Chairman of MicroStrategy, a crypto holding company, expressed, “You’ve got a promise from the Trump administration to end the war on crypto, to make Bitcoin great.” This shift from litigation to support is viewed as a pivotal change for digital assets.

Why It Matters: The pro-crypto stance of the incoming administration is a significant departure from previous administrations. This shift is expected to provide a more favorable environment for cryptocurrencies, potentially leading to increased adoption and investment.

The impact of this change is already being felt, with Bitcoin’s value skyrocketing and companies preparing to launch new crypto initiatives.

The long-term implications of this shift could be transformative for the financial industry.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image: Midjourney