In an unprecedented financial rollercoaster, Bitcoin reached a staggering all time high of $94,000 on Tuesday afternoon, continuing its dramatic rally in the aftermath of Donald Trump's presidential election victory.
Bitcoin's value has witnessed a meteoric increase of nearly 35% since the conclusion of the election night, soaring from approximately $70,000 to its current peak. This sudden surge is attributed to investors' optimism that Trump's known support for cryptocurrencies and a crypto-friendly Congress could pave the way for favourable policies towards this burgeoning asset class.
This new record comes on the heels of a report by Financial Times on Monday stating that Trump Media & Technology Group (DJT), where Trump holds a majority stake of 53%, is in negotiations to acquire cryptocurrency trading platform Bakkt (BKKT).
For investors seeking another avenue into Bitcoin speculation, options trading on Blackrock’s iShares Bitcoin Trust commenced Tuesday. Within its first few hours, options trading volume for this ETF had already exceeded $446 million according to CryptoSlate.
With Bitcoin reaching stratospheric heights never before seen in its history and big players like DJT and Blackrock entering the arena with serious intent, it appears that the world might be heading towards a future where cryptocurrencies play an integral role in our financial landscape.