Just like many experts and market analysts projected, the biggest cryptocurrency in the world, Bitcoin, has reached a new all-time high and, in doing so, crossed the illustrious $100,000 mark. The jump in prices is the direct result of the growing optimism from investors in the future of cryptocurrency after the president-elect of the United States of America, Donald Trump, is seen pushing the crypto culture.
Since the start of the year, Bitcoin’s value has more than doubled, and in the last four weeks alone, following Trump’s landslide victory, it has risen more than 45%. As of 0500 GMT, Bitcoin was sitting comfortably at $103,000.
Mike Novogratz, the CEO and founder of US-based crypto firm Galaxy Digital, said, “We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream. This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
One of the main reasons for this sudden rally in the prices of Bitcoin and other major cryptocurrencies is the fact that the president-elect, Donald Trump, is poised to make some policies centred around and in favor of cryptocurrency. He had previously mentioned that he wants the USA to be one of the early players in this cryptocurrency ecosystem and has pledged that America will be the “Crypto capital of the planet”. Moreover, he also plans to build a national Bitcoin reserve in the country. Only recently, bitcoin had touched the $81,000 mark and now all of this combined has helped Bitcoin reach a number which was previously conceived as nothing more than a fantasy.
