Bitcoin soared past the $100,000 milestone on Thursday, fueled by expectations that US President-elect Donald Trump’s administration will usher in a crypto-friendly regulatory era. This landmark comes just weeks after Trump’s sweeping election victory, which also saw several pro-crypto lawmakers secure seats in Congress.

Bitcoin, which has more than doubled in value this year, has surged by 45% in the four weeks since Trump’s win. Industry leaders are hailing this as a pivotal moment for the digital asset ecosystem.

“We’re witnessing a paradigm shift,” said Mike Novogratz, CEO of Galaxy Digital. “Institutional adoption, advancements in tokenization and payments, and a clearer regulatory path are propelling cryptocurrencies into the financial mainstream.”

Trump has positioned himself as a champion of digital assets, vowing to make the U.S. the “crypto capital of the planet” and even proposing a national stockpile of bitcoin. His campaign promises have invigorated investors and industry stakeholders, marking a stark contrast to the outgoing administration’s increased scrutiny under SEC Chair Gary Gensler.