The price of bitcoin reached $100,000 for the first time as demand for the digital currency continues to rise after the election of crypto-friendly candidates. Bitcoin has surged over 45% since November 5 and more than doubled year to date. The six-figure milestone is a significant achievement for a digital asset that emerged from a white paper by an unknown author, Satoshi Nakamoto, 15 years ago. While cryptocurrencies have spawned a technological landscape for peer-to-peer transactions, they have also fueled cybercrimes and scams, leading to billions of dollars in consumer losses last year. Federal regulators have taken a skeptical view of cryptocurrencies, but with the election of pro-crypto officials, there is hope for less strict regulation and increased investment opportunities in the sector. President-elect Donald Trump, once a skeptic, has expressed interest in creating a U.S. bitcoin reserve. Bitcoin’s price remains volatile, but the overall trend is upwards, with demand for bitcoin ETFs growing among investors seeking a hedge against geopolitical risks and inflation. BlackRock’s Bitcoin Trust ETF has seen substantial growth since its launch, indicating increasing interest in bitcoin among institutional and retail investors worldwide. As mainstream interest in bitcoin grows, it is expected to reach a tipping point, leading to further adoption and investment in the digital asset.
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