The nomination of digital asset-friendly Paul Atkins as SEC chairperson provides the ultimate impetus Bitcoin needs to break through the 100,000, analysts led by Alex Saunders wrote in a report published Thursday by Citibank. Bitcoin continues to be underpinned by ETF funding and other purchasing power as adoption grows. But counterfeit products could benefit more from looser regulatory environments, and Bitcoin's dominance has waned recently. Analysts added, however, that no significant increase in on-chain activity has yet been seen. In the long run, the utility or value of the network will be tied to its usage, macro-relevance and production costs.