Bitcoin’s price has reached $100,000 for the first time, setting a new high in the cryptocurrency market. This is attributed to the increased demand for the digital currency against the backdrop of the victory of crypto-friendly candidates after the election of Donald Trump as president.
Since November 5, the price of Bitcoin has increased by more than 45%, and this year the price has more than doubled.
New Milestone and Historical Basis
Bitcoin was born from a short document written 15 years ago by the still unknown Satoshi Nakamoto. The ideas put forward by Nakamoto have led to the creation of a vast technological ecosystem that enables peer-to-peer (without intermediaries between users) transactions. Today, this ecosystem is not limited to Bitcoin; it also includes hundreds of other digital tokens, NFTs and trading platforms.
However, Bitcoin and other cryptocurrencies remain controversial. According to the US Federal Bureau of Investigation (FBI), cryptocurrencies played a role in the rise of billions of dollars in fraud and cybercrime last year.
Expectations from the New Administration
After the election, crypto enthusiasts are hoping that a new pro-crypto vision will emerge in Washington that will end the strict regulations and enforcement against digital tokens, while also increasing the accessibility of Bitcoin to traditional financial institutions. This approach could also make Bitcoin mining more profitable by increasing energy production.
Donald Trump, who was previously skeptical of cryptocurrencies, has now floated the idea of creating a "strategic Bitcoin reserve" in the United States, similar to gold and oil reserves. Speaking at this year's Bitcoin Conference in Nashville, Tennessee, Trump praised the crypto community for their innovative approach and promised to make the United States the crypto center of the world.
Volatility Continues
Experts say that Bitcoin's price volatility will continue regardless of political changes. But the $100,000 peak could be the beginning of a new phase for the growth of the cryptocurrency market.
