The price of bitcoin hit $100,000 for the first time, driven by increased demand following the election of crypto-friendly candidates, including President-elect Donald Trump. Since Nov. 5, the price of bitcoin has surged over 45%, more than doubling year-to-date. Despite emerging from a white paper 15 years ago by an unknown author, Satoshi Nakamoto, bitcoin has become a milestone in the world of digital currencies, sparking an entire market of tokens, NFTs, and trading platforms. However, cryptocurrencies like bitcoin have also been associated with cybercrimes and scams, prompting skepticism from federal regulators. With hopes for a more pro-crypto environment in Washington post-election, advocates are aiming to ease regulations and increase profitability in the crypto market. Trump has shown interest in creating a U.S. bitcoin reserve and making the country a global crypto hub. The price of bitcoin remains volatile, but the increasing demand, particularly through the use of ETFs, indicates a mainstream shift towards adopting bitcoin as a hedge against geopolitical risks and inflation-induced currency devaluations. BlackRock’s iShares Bitcoin Trust ETF has grown to over $45 billion in value since its launch in January, reflecting a growing interest from investors worldwide. The journey towards mainstream adoption of bitcoin may take time, but the trend is increasingly towards broader acceptance and use of cryptocurrencies in the traditional financial sector.
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Bitcoin reaches a historical milestone, surpassing $100,000 for the first time
