Bitcoin reaches a milestone by hitting $100,000 for the first time

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The price of bitcoin hit $100,000 for the first time as demand for the digital currency surged post-election with victories for crypto-friendly candidates like President-elect Donald Trump. The price has increased by over 45% since Nov. 5 and has more than doubled year-to-date. Cryptocurrencies have emerged controversial due to their involvement in cybercrimes and scams, leading federal regulators to view them skeptically. However, advocates hope for a pro-crypto stance in Washington to ease regulation and make bitcoin more profitable. Trump, once skeptical, now supports creating a U.S. bitcoin reserve and establishing the country as the crypto capital of the world. Despite the volatility of bitcoin’s price movements, its upward growth is evident. Demand has increased, especially through ETFs, making it easier for mainstream investors to access bitcoin. BlackRock’s iShares Bitcoin Trust ETF, the largest, has seen significant growth since its launch in January. Jay Jacobs, BlackRock’s U.S. head of thematic and active ETFs, notes that investors are viewing bitcoin as a hedge against geopolitical risks and inflation-induced currency devaluations. He believes mainstream interest in bitcoin is on the rise, with more investors across the wealth spectrum getting involved. The future of bitcoin and its market acceptance depends on educating investors and making it more accessible through investment vehicles like ETFs.

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