Bitcoin, the world’s largest cryptocurrency, cracked the $100,000 mark for the first time on Thursday, marking a dramatic reversal in fortunes following a digital assets crash a few years ago and in anticipation of pro-crypto policies from U.S. President-elect Donald Trump.
The threshold was breached a day after Trump said he would nominate Paul Atkins, seen as a crypto advocate, to run the U.S. Securities and Exchange Commission.
Scrutiny of the digital tokens industry increased under current SEC Chair Gary Gensler, who has indicated he would step down when Trump enters the White House.
“What we’re seeing isn’t just a rally,” said Nathan McCauley, chief executive officer of crypto platform Anchorage Digital, “it’s a fundamental transformation of Bitcoin’s place in the financial system.”
In Asia, those bullish on crypto’s resurgence see further potential for blockchain — the distributed ledger technology underpinning virtual tokens, to be integrated into financial systems.
“In emerging markets such as India and Southeast Asia, where traditional banking infrastructure may be less accessible, Bitcoin’s rise could further democratize financial services,” Anndy Lian, a Singapore-based fund manager, told Nikkei Asia.
Others are cashing in already.
Hong Kong-listed Chinese tech company Meitu, which acquired 940 units of Bitcoin in April 2021 at $49.5 million, has been on a selling spree of its digital asset holdings.
The platform said it will use proceeds from the move to dish out special dividends for shareholders as well as invest them into its business. Shares of Meitu rose over 3% on Thursday.
The digital asset rally comes years after tokens were plunged into a “crypto winter” in 2022 when Terra Classic USD, a so-called “stablecoin” pegged to the U.S. dollar, lost parity with the greenback and influenced the crash of other virtual currencies.
Trump’s electoral victory last month and his perceived pro-crypto stance has further pushed the market away from its downturn of the past few years as investors flock back to tokens in anticipation of brighter prospects.
While the U.S. appears ready to pivot toward being more crypto-friendly, other countries remain guarded. In Singapore, authorities have asked investors to be cautious in speculating on digital currencies.
While rival financial hub Hong Kong earlier this year debuted the listing of exchange-traded funds tracking crypto, Singapore has taken a more conservative approach.
Desmond Yong, legal and compliance director at Singapore-based blockchain tech outfit Chainup, noted that risks will also proliferate as crypto solidifies its presence.
He highlighted how cyber thefts, scams and hacking activities are set to be more prevalent as investors pile into digital assets. For developing markets, a rush into crypto might also pose a threat if many investors use debt to buy virtual currencies.
“Regulators alike would have to jump on a frenzy to come up with new rules to limit borrowing [for crypto purchases] so that the economy does not get into a high household debt burden,” Yong told Nikkei. “These countries will also have a tougher time dealing with the risks and making sure everything grows in a responsible way.”

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.