Bitcoin has surpassed the $100,000 mark vs the USD. Perhaps this last push has to do with the nomination of Paul Atkins as chairman of the SEC, which is seen as pro-crypto, pro-deregulation and pro-technology. His predecessor, Gary Gensler, and the current White House administration have been dragging their feet when it comes to allowing and supporting crypto projects, and now the perception is that Atkins will open the flood gates for crypto to flourish. But there is also the reality of debt and deficits: the U.S. keeps adding $1Tn of debt every 100 days and the deficit keeps growing. That makes the fiat system weaker, and the case for alternative systems, like Bitcoin and gold, more powerful. What’s interesting is that the new administration wants to support the dollar and its privileged position, while defending crypto, which the facto eliminates that privilege.
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Chart source: Lyn Alden
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