The price of bitcoin reached $100,000 for the first time, driven by increased demand after victories for crypto-friendly candidates in the recent election. Bitcoin’s price has surged over 45% since Nov. 5 and has more than doubled year to date. The digital currency, created by Satoshi Nakamoto 15 years ago, has sparked a technological landscape of peer-to-peer transactions, NFTs, and trading platforms. Cryptocurrencies have faced controversy due to cybercrimes and scams, leading regulators to take a skeptical view. Proponents hope for less strict regulation under the new administration, with President-elect Donald Trump showing interest in creating a U.S. bitcoin “strategic reserve.” Bitcoin’s volatility is expected to continue, but its upward price growth is evident. Demand has been driven by ETFs, with BlackRock’s iShares Bitcoin Trust ETF growing to $45 billion in value since launching in January. The ETF provides investors with exposure to bitcoin’s price movements as a hedge against geopolitical risks such as currency devaluations from inflation. Interest in bitcoin is growing among institutional and wealth-management investors globally, with greater awareness and education needed for mainstream adoption. Overall, the cryptocurrency market is evolving as bitcoin continues to set new price milestones.
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