This year, the price of Bitcoin has been increasing significantly, and on Wednesday, it reached a major milestone by hitting $100,000 for the first time ever.
In just the last 24 hours, Bitcoin’s price went up by more than 5%. This surge in value seems to be connected to recent political events. The boost started after Donald Trump was elected president, as he has promised to create a more favorable environment for cryptocurrencies compared to the current president, Joe Biden. On Wednesday, Trump appointed Paul Atkins, who supports cryptocurrencies, as the new chairman of the Securities and Exchange Commission (SEC), the government body that regulates financial markets.
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Under Biden, the SEC has taken legal actions against some cryptocurrency exchanges, like Coinbase, arguing that certain cryptocurrencies sold on these platforms are actually unregistered securities, which means they should be regulated like stocks. This has created a more challenging environment for the crypto industry. Interestingly, during the recent election cycle, the cryptocurrency industry contributed a substantial $245 million to political campaigns, according to CNBC.
As a result of Trump’s pro-crypto stance, many small businesses are starting to move some of their investments from traditional cash into cryptocurrencies. Since the election, Bitcoin’s price has surged by about 50%, and overall, it has more than doubled in value this year, showing strong growth and interest in the cryptocurrency market.
