What do the experts say about Bitcoin?
“There is clearly an expectation that the new [US] administration will be somewhat more favourable to cryptocurrencies than the old one,” Andrew O’Neill, a digital assets expert at S&P Global, told BBC News’ Leif McCahon.
“For the price of Bitcoin, I think that’s what has driven the rally so far and will probably continue into the new year,” he added.
But Bitcoin has a history of rapid rises and steep falls, leading some analysts to believe that is unlikely to change.
“A lot of people have gotten rich off the rise in cryptocurrencies this year, but investing in these high-risk assets is not for everyone,” Dan Coatsworth, an investment analyst at AJ Bell, told BBC News.
“Their prices are volatile, unpredictable, driven by speculation and conjecture, and there’s nothing that makes investing in them easy or quick.”