Bitcoin reached an all-time high of $107,000 today and set a new price ceiling. While the market hype is palpable, analysts believe that this historic price rally is benefiting from a favorable political climate for cryptocurrencies.
Since the election of Trump in the US, the price of Bitcoin has increased by more than 50%. This growth is due to his advocacy of cryptocurrencies and the selection of numerous blockchain-friendly candidates who support innovation and leadership in blockchain technologies. In fact, Trump’s proposal for a strategic reserve of Bitcoin is seen as a step towards institutionalizing digital currencies.
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Another reason for Bitcoin’s price growth is its growing institutional acceptance. For example, the inclusion of MicroStrategy, the largest corporate holder of bitcoin, in the Nasdaq-100 index underscores its growing legitimacy. This development makes Bitcoin a strong competitor to traditional assets and boosts its reputation as a credible investment option.
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