The price of one bitcoin hit $100,000 for the first time Wednesday as demand for the digital currency continued to surge in the wake of an election that saw victories for crypto-friendly candidates led by President-elect Donald Trump.
The price of one bitcoin hit $100,000 for the first time Wednesday as demand for the digital currency continued to surge in the wake of an election that saw victories for crypto-friendly candidates led by President-elect Donald Trump.
Since Nov. 5, the price of bitcoin has surged more than 45%. Year to date, prices have more than doubled.
The six-figure mark is the latest lucrative milestone for a digital currency that emerged 15 years ago from a brief white paper written by a still-unknown author. The ideas that author, known as Satoshi Nakamoto, spelled out have since spawned an entire technological landscape dedicated to peer-to-peer transactions that now includes hundreds of other digital tokens as well as NFTs and trading platforms.
But cryptocurrencies have remained controversial: Many of them, including bitcoin itself, have helped fuel a rise in cybercrimes and scams that the FBI says were responsible for billions of dollars in consumer losses last year.
That's prompted current federal regulators to take a skeptical view of many cryptocurrency efforts.
btc historic 100k
In the wake of the election, bitcoin advocates are hoping a new pro-crypto view will take hold in Washington that will put an end to strict regulation of and enforcement against digital tokens, while opening up bitcoin investing to traditional financial institutions and making it more profitable to mine bitcoin by increasing energy production.
Trump, once a crypto-skeptic, has expressed interest in creating a U.S. bitcoin "strategic reserve" modeled on those for gold and oil. During his third presidential run, he appeared at this year's Bitcoin Conference in Nashville, Tennessee, to praise the crypto community for its innovation while vowing to make the U.S. the crypto capital of the world if elected.
Bitcoin's price movements remain notoriously volatile, and that is unlikely to change no matter who is in office, experts say.
If the market continues favoring the bulls, the Bitcoin price will head toward its upper high of $110k during the upcoming time. Maintaining the price at that level will set the stage for it to head toward its upper high of $120k.
On the flip side, if the bears outrun the bulls, the BTC price will retest its support level of $90,000. Furthermore, if the bears gain momentum, the largest crypto token may plunge toward its lower support level of $80,000.
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