Dec 5 (Reuters) - Bitcoin hit a record high above $100,000 on Thursday as the election of Republican Donald Trump as U.S. president fuels expectations that his administration will usher in a friendly regulatory environment for cryptocurrencies.
The world's largest cryptocurrency was last trading at $102,900 .
Since Trump's win on Nov. 5, the price has surged around 45%, driven by a swathe of buying that has poured capital into U.S. bitcoin-backed exchange-traded funds.
DAN COATSWORTH, INVESTMENT ANALYST AJ BELL, LONDON
“Smashing through the $100,000 level does not represent bitcoin going mainstream. It’s merely a psychological factor and ultimately just a number.
“A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone. It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.
CHANG WEI LIANG, FX AND CREDIT STRATEGIST, DBS, SINGAPORE:
Bitcoin prices are buoyant with crypto adoption possibly reaching an inflection point in the US.
The incoming Trump administration is seen as more crypto-friendly, and 2025 could see progress in setting up a U.S. Bitcoin strategic reserve, on top of changes in regulatory guidance that could help industry growth.
SHOKI OMORI, CHIEF JAPAN DESK STRATEGIST, MIZUHO SECURITIES, TOKYO
"Individual investors must be excited to see the BTC price top $100,000 following the news of Paul Atkins being nominated as SEC chair. Markets knew Gensler would be stepping down and there would be someone who is less aggressive on crypto regulations. Of course, this doesn't mean BTC will rally forever, as there will be moves to take profits.
"I think if BTC were to rally more from here, other crypto majors should catch up a bit first, such as Ethereum. Ethereum looks cheap against Bitcoin. Ripple shot up, but again we saw profit taking at $2.80. Altos look choppy. The crypto community is looking for positive headlines to take crypto prices broadly up even higher. The tailwind from the Trump trade is starting to weaken as markets have a lot of headlines already priced in."
JEFF MEI, COO AT BTSE, HONG KONG
"Bitcoin's surge past the $100,000 mark is not just a milestone; it represents a pivotal moment for the cryptocurrency industry.
"The confidence is spurred by an increasingly favourable regulatory environment in the U.S., particularly with the appointment of Paul Atkins to chair the SEC. This is likely to drive further institutional investment in the sector, giving Bitcoin more credibility and leading to a new wave of adoption.