Bitcoin reaches $100,000 milestone for the first time

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The price of one bitcoin hit $100,000 for the first time amidst a surge in demand following the election of crypto-friendly candidates, including President-elect Donald Trump. Since Nov. 5, the price of bitcoin has increased by over 45%, and year to date prices have doubled. Bitcoin, which originated 15 years ago from a white paper by an unknown author, has evolved into a thriving digital currency ecosystem. However, cryptocurrencies have faced controversy due to their association with cybercrimes and scams. Despite this, bitcoin advocates are hopeful that the new administration will adopt a more pro-crypto stance, potentially leading to less stringent regulations and increased profitability for digital token investments. Trump has shown interest in creating a U.S. bitcoin “strategic reserve”. The price of bitcoin remains volatile, but it has been steadily increasing over time. Demand for bitcoin has been increasing through ETFs, with BlackRock’s iShares Bitcoin Trust ETF reaching a value of over $45 billion since its launch in January. Jay Jacobs of BlackRock believes that mainstream interest in bitcoin as a hedge against geopolitical risks is growing, and ETFs are making it easier for investors to gain exposure to the cryptocurrency’s price movements. He expects that as more investors across a range of wealth levels become educated about bitcoin, mainstream interest in the digital currency will reach a tipping point.

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