Is it smart to invest in Bitcoin now that it's worth over $100,000?

Recently, the crypto industry has been feeling more confident as the value of Bitcoin continues to rise. This surge in price can be attributed to Donald Trump's victory in the US presidential election, with Bitcoin now reaching a record high of over $100,000. This is a significant increase from just a few weeks ago when prices were hovering around $70,000. It seems that the cryptocurrency market is experiencing a major boom, but what exactly is causing this price hike and what does it mean for the global economy? And more importantly, is now the time to invest in crypto? Metro has all the answers.

So why exactly is the price of Bitcoin on the rise? Well, for starters, it is currently the most valuable cryptocurrency out there. But the main reason for its recent boost can be attributed to Trump's promises during his campaign to make the US the "crypto capital of the planet" and to ease regulations on the industry. This was further reinforced when he nominated Paul Atkins, a former federal regulator and advisor to financial and crypto companies, to lead the Securities and Exchange Commission. Additionally, Federal Reserve Chair Jerome H. Powell's comparison of Bitcoin to gold has also given it a stamp of approval within the US government and economy. This is in stark contrast to the Biden administration, which has tightened regulations on the industry after a major cryptocurrency exchange collapsed in 2022, resulting in the loss of at least $1 billion in client funds.

Now, you may be wondering who exactly owns Bitcoin. While Tesla CEO Elon Musk has been vocal about his support for cryptocurrency, his company isn't actually the biggest holder of Bitcoin. According to Visual Capitalist, the top 10 largest corporate holders of Bitcoin as of November 2024 are MicroStrategy, Marathon Digital, Riot Platforms, Tesla, Hut 8 Mining, Coinbase Global, CleanSpark, Block, Galaxy Digital, and Bitcoin Group SE.

But it's not just Bitcoin that's on the rise. Ethereum, another popular cryptocurrency, has also seen a significant increase in value. On November 5, the day of the US election, it was worth $2,427.01, but has now reached a value of $3,918.22. And let's not forget about dogecoin, the meme-inspired cryptocurrency that has also seen a rise in price. However, it's still significantly lower in value compared to other cryptocurrencies, with one dogecoin worth just 16 cents on November 5 and now at 44 cents.

In conclusion, the crypto industry is experiencing a major surge in confidence and value, with Bitcoin leading the way. This can be attributed to Trump's promises of easing regulations and recent government support for the cryptocurrency. Whether or not you should invest in crypto is ultimately up to you, but it's certainly a topic worth keeping an eye on as the market continues to evolve.

[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]