For the first time, the price of Bitcoin reached $100,000 on Wednesday. Since November 5, the price of Bitcoin has gone up by more than 45%, and it has more than doubled in value this year.
“We’re witnessing a paradigm shift,” said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.
The Future of Bitcoin and Regulations
In light of the US election, Bitcoin enthusiasts are hopeful that a new, more crypto-friendly attitude will take shape in Washington. They hope this will end strict regulations and enforcement against cryptocurrencies, allowing traditional financial institutions to invest in bitcoin and making Bitcoin mining more profitable.
Read more: Is RedotPay The Ultimate Crypto Card for Secure Crypto Payment?
Trump’s Support for Bitcoin
Even though he was initially sceptical about it, Trump has shown interest in creating a U.S. bitcoin “strategic reserve,” similar to how the country stores gold and oil. During his third presidential campaign, he attended the Bitcoin Conference in Nashville, Tennessee, where he praised the crypto community for its innovation.
Trump embraced Bitcoin during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of Bitcoin.
Despite the optimism around Bitcoin, its price remains highly unpredictable.
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