NEW YORK: Bitcoin has surpassed $100,000 for the first time due to a significant surge in the value of the world’s most popular cryptocurrency, which was triggered by the election of Donald Trump.

The value of the cryptocurrency increased after the president-elect announced his intention to nominate cryptocurrency supporter Paul Atkins as the next chair of the Securities and Exchange Commission.

Since Trump’s victory on November 5th, Bitcoin has experienced a sharp rise. The cryptocurrency’s value has jumped from $69,374 on Election Day to a high of $103,713 on Wednesday, according to CoinDesk. Just two years ago, Bitcoin fell below $17,000 following the collapse of the crypto exchange FTX.

Although Bitcoin dropped to just under $103,000 early Thursday, Bitcoin futures have increased by more than 4%. Despite the significant increase in value this year, some experts continue to caution about the risks of investing in Bitcoin.

Cryptocurrency has been in existence for some time now, but its popularity has grown significantly in recent years.

In simple terms, cryptocurrency is digital money that operates through an online network without a central authority, meaning it is usually not backed by any government or banking institution. Transactions are recorded using a technology called blockchain.

Bitcoin is the largest and oldest cryptocurrency, but other assets like ethereum, tether, and dogecoin have also become popular over time. While some investors view cryptocurrency as a digital alternative to traditional money, the majority of daily financial transactions still use fiat currencies like the dollar. Additionally, Bitcoin can be highly volatile, with its value influenced by broader market conditions.