Bitcoin has officially surpassed the $100,000 milestone, marking a historic moment for the cryptocurrency industry.
This surge follows a game-changing announcement by U.S. President-elect Donald Trump, who revealed his decision to nominate pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC). While the crypto community celebrates, skeptics like Peter Schiff have raised questions about the role of government intervention in Bitcoin’s rise.
Schiff criticizes Bitcoin’s government-backed success
Peter Schiff, a well-known stockbroker and vocal Bitcoin critic, wasted no time sharing his disapproval. On social media, Schiff argued that Bitcoin’s rally to $100,000 was not a product of free-market forces but the result of government involvement. He claimed lobbying efforts and political maneuvering were the primary drivers of Bitcoin’s performance this year. According to Schiff, “What couldn’t be done in a free market was achieved through the cohesive power of the state.”
His remarks highlight the growing influence of government policies on the crypto sector. Schiff pointed to the unprecedented political support from figures like Trump and Tesla CEO Elon Musk, suggesting that Bitcoin’s success relied heavily on a pro-crypto agenda rather than organic market growth.
Industry leaders and community reactions
While Schiff’s criticisms sparked debate, much of the crypto community is celebrating. MicroStrategy’s Michael Saylor has hinted at hosting a party to mark the milestone, and Binance CEO Changpeng Zhao cheekily responded to Schiff’s comments with, “Don’t dream. Keep building.” Even New York City Mayor Eric Adams, a known Bitcoin supporter, took the opportunity to remind critics of his early adoption, stating, “Who’s laughing now?”
The political shift toward crypto this year has been notable. Figures such as Coinbase’s Brian Armstrong, Cardano’s Charles Hoskinson, and TRON’s Justin Sun have worked to legitimize the industry through lobbying efforts. The nomination of Paul Atkins to the SEC signals a continued push for regulatory frameworks favorable to digital assets.
Trump’s role as the “Crypto President”
Trump’s embrace of cryptocurrency has been a key factor in Bitcoin’s performance this year. Dubbed by some as the “crypto president,” Trump’s policies have made the United States one of the most crypto-friendly nations in history. However, his economic agenda has raised concerns. Trump’s plans to take control of the Federal Reserve, establish a national Bitcoin reserve, and impose tariffs on major economies have drawn skepticism about the long-term sustainability of his crypto vision.
As Trump prepares to take office in January, the future of Bitcoin and the broader crypto industry remains uncertain. Whether his policies lead to continued growth or a major setback will likely shape the next chapter of cryptocurrency’s evolution.