WASHINGTON: Cryptocurrency Bitcoin has crossed another milestone and its price has exceeded $100,000 for the first time.
According to media reports, investors are investing in cryptocurrency because the incoming Trump administration will have a positive policy in this regard.
The market value of cryptocurrencies has almost doubled this year and has reached a record $380 billion so far. This is being compared to the financial volume of Apple, which is currently $370 billion.
The value of cryptocurrencies has increased rapidly within four weeks after Republican Party presidential candidate Donald Trump won the recent elections held on November 5.
On Thursday morning, Bitcoin broke the record of $100,000 and shortly after its price reached $103,000. With a six percent increase in one day, one bitcoin reached $103,619.
Earlier, the price of Bitcoin had reached $101,933.
“We are witnessing a fundamental change,” Mike Novogratz, chief executive officer of cryptocurrency firm Galaxy Digital, told news agency Reuters.
“Bitcoin and the entire digital asset world are on the verge of entering the financial mainstream,” he said. “This momentum is being fueled by the fact that there is a path to institutional adoption of cryptocurrencies.”
American billionaire and Tesla owner Elon Musk has been campaigning for digital currencies.
Elon Musk openly supported Donald Trump in the recent US presidential election, and Trump also supported Bitcoin during his election campaign.
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He said before the election that he would strategically accumulate bitcoin and would also appoint financial regulators on the issue.
Donald Trump has also announced that as president, he will remove Gary Gensler, the current head of the US Securities and Exchange Commission, who has cracked down on the cryptocurrency sector since his appointment in 2021
