Bitcoin Rising to $100,000 for First Time Vindicates Permabulls

On Wednesday night in New York, the dreams of Bitcoin permabulls became reality: Bitcoin hit $100,000.

A monthlong rally has seen the largest and oldest cryptocurrency alternately approach — and then repeatedly shy away from — that most sought-after of round numbers.

Spurring the moves: the digital-asset industry’s chest-thumping optimism that US President-elect Donald Trump will halt the tough government scrutiny that prevailed during his predecessor’s administration and instead pursue policies and regulators friendly to the digital-asset industry.

“Bitcoin reaching $100,000 signals the next phase of the bull run, one that now appears resilient to anything but exogenous shocks,” said ...