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Bitcoin reaches a record-breaking milestone of $100,000


The price of bitcoin reached $100,000 for the first time, driven by increased demand following a surge in prices since the election of crypto-friendly candidates, including President-elect Donald Trump. Bitcoin, which emerged from a white paper by Satoshi Nakamoto 15 years ago, has seen significant growth this year, with prices more than doubling year to date. However, cryptocurrencies remain controversial due to their association with cybercrimes and scams, prompting federal regulators to take a skeptical view. Trump, once a critic, now supports the idea of a U.S. bitcoin “strategic reserve” and aims to make the U.S. the crypto capital of the world.

Despite the volatile nature of bitcoin’s price movements, the overall trend is upward, driven in part by increased demand for ETFs tracking bitcoin prices. BlackRock’s iShares Bitcoin Trust ETF, the largest of its kind, has seen substantial growth since its launch in January. Jay Jacobs, BlackRock’s U.S. head of thematic and active ETFs, believes that mainstream interest in bitcoin as a hedge against geopolitical risks and currency devaluations is growing, with ETFs providing a convenient way for investors to gain exposure to the cryptocurrency.

As candidates supportive of crypto continue to gain electoral success and investors increasingly view bitcoin as a safe haven asset, experts predict that mainstream adoption of the cryptocurrency will continue to grow. Despite regulatory challenges and skepticism from some quarters, the overall trend for bitcoin appears positive in the short to medium term.

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www.nbcnews.com

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