bitcoin prices have been on the rise this year and the cryptocurrency hit the price of $100,000 for the first time on Wednesday.
The price of the cryptocurrency has risen more than 5% in the last 24 hours.
The latest rally began with the election of Donald Trump as president, who promised a more cryptocurrency-friendly regime than current President Joe Biden. On Wednesday, Trump selected Paul Atkins, a cryptocurrency advocate, as chairman of the Securities and Exchange Commission.
Under Biden, the Securities and Exchange Commission has taken legal action against crypto exchanges like Coinbase, alleging that some crypto tokens sold through the platforms were actually unregistered securities. The crypto industry donated $245 million during the election cycle. according to CNBC.
Reuters reported that due to Trump’s pro-cryptocurrency stance, small businesses are shifting some of your investments from cash to cryptocurrency.
The price of Bitcoin is up about 50% since Election Day and is up more than 100% for the year overall.