Bitcoin Price Surpasses $100,000: What’s Next After Post-Election Rally?

Bitcoin has officially crossed the $100,000 threshold for the first time ever. This surge in the cryptocurrency came shortly after the election of Donald Trump and shows no sign of slowing down. In fact, Bitcoin’s value has seen a significant increase since Trump’s election win, jumping from $69,374 on Election Day to as high as $103,713 most recently.

The recent milestone is a remarkable achievement for Bitcoin, especially considering that just two years ago, its value plummeted below $17,000 following the collapse of crypto exchange FTX. Despite a slight dip to below $102,000 on Thursday, Bitcoin’s price remains up by nearly 7% in the last day alone. It’s important to note that while Bitcoin is experiencing a massive rally this year, it has a history of volatility, and some experts continue to caution investors about potential risks associated with the asset.

If you’re new to the world of cryptocurrency, here’s a quick rundown: cryptocurrencies are digital forms of money that operate through decentralized online networks known as blockchains. Bitcoin is the original and most well-known cryptocurrency, but others like ethereum, XRP, tether, and dogecoin have also gained popularity over time. While some view cryptocurrencies as a digital alternative to traditional money, the majority of everyday financial transactions still rely on fiat currencies like the dollar.

The recent surge in Bitcoin’s value can be largely attributed to the outcome of the U.S. presidential election. Trump, who was previously skeptical of cryptocurrencies, has now expressed his support for Bitcoin and aims to position the U.S. as a global hub for crypto. His plans to nominate Paul Atkins, a well-known cryptocurrency advocate, as the next chair of the Securities and Exchange Commission, have further boosted confidence in the digital currency.

Experts believe that Bitcoin’s recent milestone signifies a significant shift in its role within the financial ecosystem. Nathan McCauley, CEO of Anchorage Digital, noted that the growing institutional adoption of Bitcoin is transforming its position in the financial system. Overall, the future looks promising for Bitcoin, with many speculating that its value could continue to rise in the coming months.