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Bitcoin tops $100,000 for the first time. Here’s what’s driving gains.
After a two-week flirtation with the six-figure mark, bitcoin has surged past $100,000 for the first time on the thinking that the incoming administration will be friendlier toward — and relax regulations on — cryptocurrencies.
The milestone came late Wednesday after President-elect Donald Trump nominated Paul Atkins to head the the Securities and Exchange Commission. Atkins runs Patomak Global Partners, a financial services advisory group that works with crypto industry clients. Atkins is also an adviser to the Chamber of Digital Commerce, a crypto advocacy group.
The pick is a marked turn from outgoing SEC Chair Gary Gensler, who cracked down on digital assets following a 2022 market rout that unveiled fraudulent practices and resulted in expensive blowups, including the sudden collapse of crypto exchange FTX, followed by crypto lenders Genesis and Celsius.
Coinciding with Trump’s selection of a crypto backer to lead the SEC, Federal Reserve Chair Jerome Powell on Wednesday likened bitcoin to gold, telling the New York Times DealBook Summit that “people use bitcoin as a speculative asset. It’s like gold, it’s just like gold, only it’s virtual, it’s digital. People are not using it as a form of payment or a store of value,” Powell said. “It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”
Formerly a skeptic, Trump is now a convert. He and his sons have started their own crypto venture, and other members of the incoming administration have previously disclosed investments in and backing for cryptocurrencies. That includes Vice President-elect J.D. Vance, Health and Human Services nominee Robert F. Kennedy Jr. and Commerce Secretary Howard Lutnick.
Trump over the summer spoke at a bitcoin conference in Nashville, where he pledged to make America “the crypto capital of the planet” once back in the White House.
Trump on Thursday took credit for bitcoin’s rise, posting on his Truth Social platform: “CONGRATULATIONS BITCOINERS!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
The price of bitcoin has leapt 42% since the day before the presidential election on November 5, when it was running about $70,000 a coin. It jumped as high as $103,800 after breaching the $100,000 level.
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What is a balance bike? Why some parents are opting for the training wheel-free option for kids
Getting training wheels taken off a bicycle is often regarded as a rite of passage for youngsters learning to ride a bike — but some kids are skipping the step altogether by using balance bikes.
Balance bikes, some of which are designed for children as young as 10 months old, don’t have training wheels or pedals. Instead, they reverse the whole bike learning process, said James Beechinor, president of bike brand Early Rider‘s U.S. division.
While bikes with training wheels teach kids to pedal, steer and brake, balance bikes focus on the balance aspect from the start. After the child better understands how to balance, they can start cruising, getting enough momentum to lift their feet up and coast.
“Then you bring in steering, braking and then when the child is ready and confident, you bring in pedaling,” Beechinor told CBS News. “When they get to (the cruising) stage, the transition to pedaling is really not that difficult, because they already have the sensation of keeping their balance and staying upright. They already have the sensation of movement.”
Research has backed up the earlier riding claims, too. A 2022 study — from researchers in The Netherlands and published in the British Journal of Developmental Psychology — found practicing on a balance bike is associated with an earlier age of independent cycling compared with practicing on a bike with training wheels.
“The advantage of the balance bicycle arises because they challenge children more to actively maintain balance,” the authors wrote.
Despite being introduced several decades ago, balance bikes make up only about 1% of the kids bike market in 2024, according to Beechinor — although they recently gained more traction. Now multiple brands, styles, age ranges and prices (starting around $50 and up) have hit shelves and online retailers. Despite a decline in the overall kids bike market, balance bike sales are up, Beechinor said.
“We’re definitely seeing an increase. The kids bike market as a whole is down the last 12 months by about 6% but balance bike sales are up 3% so they’re kind of bucking the trend with the kids market,” he said.
The benefits of the bikes go beyond learning how to ride earlier, he argues. They boost general well-being and overall development, he says.
According to a 2022 study out of Portugal that was published in the International Journal of Environmental Research and Public Health, balance biking can have mental and physical benefits for young kids.
“Children who begun to cycle at an early age are more likely to have a healthy weight in the subsequent school years, they can have fun moments cycling outdoors with peers or family, they develop motor components, and mature their social and emotional skills,” the authors wrote.
The authors of both studies declared no conflict of interest.