Bitcoin soared to nearly $100,000 for the first time, driven by expectations that Donald Trump’s administration will be more cryptocurrency friendly.
On Friday in the US, Bitcoin’s market value briefly peaked at $99,450 and stood firm at that level. Earlier, experts forecast that Bitcoin’s market value could eventually reach $100,000 before the end of this year. However, the milestone could reach sooner by about a month.
Following the recent election, Bitcoin exchange-traded funds (ETFs) attracted over $4 billion in investments. This year alone, Bitcoin’s value has more than doubled, with a further 40% increase in the two weeks after Trump’s election win.
Trump has shown strong support for digital assets, pledging to turn the U.S. into the “crypto capital of the planet” and promising to replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who has been known for scrutinizing the cryptocurrency market.
Since Bitcoin’s creation nearly 16 years ago, it is now on the verge of mainstream acceptance. Bitcoin’s recovery from below $16,000 in late 2022 marks a remarkable comeback. According to Alicia Kao, managing director of the KuCoin crypto exchange, anyone who has bought Bitcoin is currently making a profit.
However, there are concerns, particularly regarding its high energy consumption and its use in illicit activities. In 2023 alone, $24.2 billion worth of cryptocurrency was sent to illegal wallet addresses linked to sanctions violations, terrorist financing, and scams.
