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Bitcoin Has Hit an All-Time High of $112,000. 3 Reasons the Leading Cryptocurrency Is Surging.
The Trump administration is pro-crypto and created the Strategic Bitcoin Reserve in March.
As the U.S. dollar has weakened, investors have turned to Bitcoin as a store of value.
Bitcoin has seen increased adoption from institutional investors.
10 stocks we like better than Bitcoin ›
Last month, Bitcoin (CRYPTO: BTC) reached a new all-time high of $111,970. Even after a small pullback, the leading cryptocurrency is still up 13% this year, while the S&P 500 has gained just 1.6%. Going back even further, Bitcoin has returned an impressive 990% during the past five years.
When a cryptocurrency goes on a tear, investors and prospective investors want to know why. And, even more importantly, they want to know if the gains are likely to continue. In Bitcoin's case, there are a few key reasons it has been doing so well lately.
A person sitting down and smiling while looking at their phone.
Image source: Getty Images.
1. A crypto-friendly political climate
President Donald Trump was pro-crypto and pro-Bitcoin during his campaign, even saying that he wanted the U.S. to be "the Bitcoin superpower of the world." He was expected to usher in a more crypto-friendly climate if elected, and so far, he has done just that.
Under the Biden administration, the Securities and Exchange Commission (SEC) had gone after many of the major crypto companies and exchanges.
The Trump administration also announced the creation of a Strategic Bitcoin Reserve in March. Just like countries stockpile gold, foreign currencies, and other valuable assets, the federal government is stockpiling Bitcoin. Arizona and New Hampshire have followed suit with their own Bitcoin reserves.
Government support for Bitcoin and cryptocurrency as a whole should be good for the industry, as it helps further legitimize cryptocurrencies as an investment. Since Election Day, Bitcoin has hit multiple all-time highs and is up 54% overall.
Bitcoin Has Hit an All-Time High of $112,000. 3 Reasons the Leading Cryptocurrency Is Surging.
The Trump administration is pro-crypto and created the Strategic Bitcoin Reserve in March.
As the U.S. dollar has weakened, investors have turned to Bitcoin as a store of value.
Bitcoin has seen increased adoption from institutional investors.
10 stocks we like better than Bitcoin ›
Last month, Bitcoin (CRYPTO: BTC) reached a new all-time high of $111,970. Even after a small pullback, the leading cryptocurrency is still up 13% this year, while the S&P 500 has gained just 1.6%. Going back even further, Bitcoin has returned an impressive 990% during the past five years.
When a cryptocurrency goes on a tear, investors and prospective investors want to know why. And, even more importantly, they want to know if the gains are likely to continue. In Bitcoin's case, there are a few key reasons it has been doing so well lately.
A person sitting down and smiling while looking at their phone.
Image source: Getty Images.
1. A crypto-friendly political climate
President Donald Trump was pro-crypto and pro-Bitcoin during his campaign, even saying that he wanted the U.S. to be "the Bitcoin superpower of the world." He was expected to usher in a more crypto-friendly climate if elected, and so far, he has done just that.
Under the Biden administration, the Securities and Exchange Commission (SEC) had gone after many of the major crypto companies and exchanges.
The Trump administration also announced the creation of a Strategic Bitcoin Reserve in March. Just like countries stockpile gold, foreign currencies, and other valuable assets, the federal government is stockpiling Bitcoin. Arizona and New Hampshire have followed suit with their own Bitcoin reserves.
Government support for Bitcoin and cryptocurrency as a whole should be good for the industry, as it helps further legitimize cryptocurrencies as an investment. Since Election Day, Bitcoin has hit multiple all-time highs and is up 54% overall.
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