Bitcoin’s Value Surges Above $100,000 for the First Time, Driven by Political Changes in the US
Islamabad:For the first time in history, the value of the digital currency Bitcoin has surged past $100,000 (approximately 2.77 million Pakistani Rupees). Since the start of 2024, Bitcoin’s price has increased by over 140%, with a notable 48% rise following the recent US presidential elections.
Experts attribute this dramatic increase in Bitcoin’s value to the outcome of the US elections, particularly the victory of Donald Trump. The cryptocurrency crossed the $100,000 mark when Trump appointed Paul Atkins as the head of the Securities and Exchange Commission (SEC). Paul Atkins is known to be an advocate for easing regulations on cryptocurrencies, which has positively impacted market sentiment.
During his election campaign, Donald Trump also expressed interest in cryptocurrencies, further fueling speculation that his policies could be favorable for the crypto market. Experts suggest that the current value of cryptocurrencies is largely influenced by US policies, and they believe Bitcoin’s value could continue to rise in the coming months.
While some in the US have speculated that cryptocurrencies like Bitcoin could rival the US dollar, analysts argue that in reality, Bitcoin is more of a competitor to gold rather than fiat currencies. They suggest that Bitcoin’s growing value reflects the increasing investor interest in alternative assets, particularly amid the ongoing uncertainty in traditional financial markets.
This surge in Bitcoin’s price marks a significant milestone for digital currencies, with many now wondering if this trend will continue and whether Bitcoin could challenge traditional safe-haven assets like gold in the future.
