From outsider to the Oval Office, bitcoin surges as a new administration embraces crypto

AP Business Writer

NEW YORK (AP) — Bitcoin burst on the scene after trust had withered in the financial system and Washington’s ability to protect people from it. Now, it’s Washington’s embrace of bitcoin that’s sending it to records. Bitcoin briefly surged above $103,000 after President-elect Donald Trump said he will nominate Paul Atkins, who’s seen as friendly to crypto, to be the Securities and Exchange Commission’s next chair. The crypto industry, meanwhile, did its part to bring politicians friendly to digital currencies into Washington. It’s a twist from bitcoin’s early days, when it was lauded as a kind of electronic cash that wouldn’t be beholden to any government or financial institution.