Bitcoin surpassed $100,000 for the first time on Thursday morning, a historic milestone as the cryptocurrency continues a post-election rally fuelled by hopes that Donald Trump's second term as president will bring a pro-crypto era to the US.
The price of Bitcoin was $100,995.52 as of 7am UAE time on Thursday.
Bitcoin reached the threshold hours after Mr Trump nominated cryptocurrency advocate Paul Atkins to run the Securities and Exchange Commission, considered a major win for digital assets. Mr Atkins has served on the board of advisers for the Digital Chambers Token Alliance, a crypto advisory group, since 2017.
In a statement released on Wednesday, Mr Trump said Mr Atkins "recognises that digital assets and other innovations are crucial to making America greater than ever before". The president-elect also hailed Mr Atkins as a "proven leader for common sense regulations".
If confirmed by the Senate, he would replace outgoing SEC chairman Gary Gensler, who announced last month that he will step down on inauguration day. Mr Gensler has been a prominent figure in regulating cryptocurrencies during his time at the SEC, making him one of the industry's biggest antagonists.
That aggressive approach towards cryptocurrencies led to the SEC suing Binance, Coinbase, Kraken and other crypto exchanges that the agency alleged were unregistered securities exchanges, brokers and clearing agencies.
The current bout of optimism has dulled memories of a market rout in 2022 that exposed fraud and other risky practices and led to the collapse of platforms including Sam Bankman-Fried’s FTX exchange. The turmoil precipitated the SEC clampdown that now appears set to ease under Mr Trump.
Mr Trump has proposed several pro-friendly crypto proposals, including the establishment of a strategic Bitcoin reserve and a crypto advisory council.
“The $100,000 milestone, which once seemed bold, now looks conservative,” Nigel Green, chief executive of financial advisory and asset management firm deVere Group, said. “I believe Bitcoin could reach $120,000 in the first quarter of 2025 as the rally gains further traction.”
“The growing narrative of Bitcoin as digital gold is becoming impossible to ignore. It’s increasingly viewed as a hedge against inflation and a tool for portfolio diversification. Institutional interest is at an all-time high, and the infrastructure to support mass adoption continues to expand.”
Although Bitcoin’s rise is not without volatility, for long-term investors, the trajectory is unmistakable, he said. The combination of limited supply, increasing demand, and supportive regulatory developments forms a compelling case for sustained growth, Mr Green added.
“The window to act before Bitcoin becomes even more entrenched in the global financial system is closing,” he said.
Bitcoin has surged more than 40 per cent since Mr Trump's electoral win two weeks ago. The crypto market as a whole has gained about $1 trillion since his November 5 election win.
Much of the crypto industry's hopes of a friendlier administration rests on the promises made by Mr Trump. Once a sceptic, Mr Trump fully embraced crypto on the campaign trail.
He has said he will make the US the “crypto capital of the planet”. The timeline for implementation of his promises and the feasibility of the Bitcoin reserve remain uncertain.
Crypto corporations spent $119 million on federal elections this year to support pro-crypto candidates, according to data from Public Citizen, many of whom went on to win election. Mr Trump also has his own digital-asset projects.
Bitcoin accumulator MicroStrategy’s plans to accelerate purchases of the token, and the debut of options on US Bitcoin exchange-traded funds, also lifted sentiment this week.
A group of one dozen US ETFs investing in Bitcoin have attracted a net inflow of $5.9 billion in the period following Election Day, data compiled by Bloomberg show. The group’s total assets have reached an unprecedented $100 billion.
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Series info
Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday
ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23
T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29
Tickets Available at www.q-tickets.com
Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.
Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.
Company name: Play:Date
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Based: Dubai with operations in the UAE and US
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
General%20Classification
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