The Bitcoin breached the $100,000 barrier for the first time in history, a milestone hailed by crypto enthusiasts as “coming of age” as investors bet on a friendly US government, hoping to cement cryptocurrencies’ place in financial.

This development came after the president-elect’s decision Donald Trump to name cryptocurrency lawyer friend next head of US Securities and Exchange Commission.

Bitcoin’s run on Wall Street has created millionaires, establishing the concept of “decentralized finance” in a volatile and often controversial period since its creation 16 years ago.

Its value has more than doubled this year and is up more than 50% in the four weeks since Donald Trump’s landslide election victory, which also saw a slew of pro-crypto lawmakers elected to Congress.

Once it broke $100,000 on Thursday morning, it soon surpassed $103,000, reaching as high as $103,335.

“We are witnessing a paradigm shift,” said Mr Mike Novogratzfounder and CEO of American crypto firm Galaxy Digital.

“Bitcoin and the entire digital asset ecosystem are a breath away from entering the financial mainstream, with this momentum fueled by institutional adoption towards a clearer regulatory path.”

Who is Paul Atkins, the new head of the Securities and Exchange Commission?

The American president-elect announced Wednesday his intention to name, after taking office, the Republican lawyer Paul Atkinswho has repeatedly publicly advocated the further development of cryptocurrencies, is the new head of the US Securities and Exchange Commission, the SEC.

A former commissioner of the independent authority from 2002 to 2008 during the George W. Bush administration, Paul Atkins will succeed Democrat Gary Gensler, who announced his resignation in late November after Donald Trump’s election victory.

He is currently the managing director of the financial risk management and consulting company, Patomak Global Partners, and an advisor to the Digital Chamber, an organization promoting the blockchain technology on which cryptocurrencies are based.

Although he has spoken out publicly against the use of cryptocurrencies for profit, he is in favor of the broader development of the sector.

His stance is diametrically opposed to that of outgoing SEC Chairman Gensler, who was marked by a wave of crackdowns on digital currency players accused of acting illegally.

Mr. Atkins has repeatedly argued in favor of strict adherence to their mandate by the US federal authorities and especially the SEC, a position that contrasts with the far more interventionist policy of the administration of outgoing President Joe Biden.

Last year he publicly criticized SEC officials, saying they should make it “more easy” for companies that created or manage cryptocurrencies, arguing they were driving them out of the US market.

“Paul has a proven appeal to a common sense regulatory framework,” said Mr. Trump via Truth Social. “He believes in strong and innovative financial markets that meet the needs of investors,” he continued. “He recognizes that digital resources are critical to making America greater than ever before,” added the real estate mogul.