Bitcoin prices have been on an upward trend this year, reaching the $100,000 price point for the first time on Wednesday.
The price of the cryptocurrency has increased by more than 5% in the past 24 hours.
The latest rally began after Donald Trump was elected president after promising a more crypto-friendly administration than current President Joe Biden. On Wednesday, President Trump selected crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC).
Under the Biden administration, the SEC took legal action against crypto exchanges like Coinbase, claiming that some of the crypto tokens sold through their platforms were actually unregistered securities. . According to CNBC, the cryptocurrency industry donated $245 million during the election period.
Reuters reported that President Trump's pro-cryptocurrency stance has led small and medium-sized businesses to shift some of their investments from cash to virtual currencies.
Bitcoin prices are up about 50% since election day and more than 100% for the year as a whole.