Bitcoin reached a record high of $97,902 on November 21, 2024, buoyed by optimism surrounding a potentially crypto-friendly regulatory shift under President-elect Donald Trump. Investors are anticipating that Trump’s pro-crypto stance and promises to foster innovation in the digital asset space could pave the way for lighter regulatory restrictions. This optimism has ignited a strong rally in the cryptocurrency market.
Adding fuel to the surge were reports that Trump’s social media platform, Truth Social, is in discussions to acquire Bakkt, a cryptocurrency trading firm backed by the Intercontinental Exchange, the parent company of the NYSE. This development, coupled with bullish investor sentiment, has propelled Bitcoin to more than double its value in 2024, edging closer to the symbolic $100,000 milestone.
The broader cryptocurrency market has also flourished, surpassing a valuation of $3 trillion. In the UK, some retailers have reported an uptick in sales made through Bitcoin payments, signaling growing interest in its practical use. However, Bitcoin’s notorious volatility continues to pose challenges for its adoption as a mainstream payment method. Despite this, its recent performance indicates a potential shift toward broader acceptance and use.
