Bitcoin hit a new all-time high of $118,900 on Friday after surpassing its previous record of $113,822 on Thursday.
At the time of writing, Bitcoin costs around $117,400.
This is an important milestone for Bitcoin. This highlights its revival, higher than the roughly $76,000 low in early April. It fell nearly $49,000 in August last year.
Some analysts believe that reaching $150,000 will cause a shopping frenzy. It is important to note that Bitcoin, like most cryptocurrencies, can be unpredictable. No one is sure what will happen next.
Several factors that have contributed to the surge in Bitcoin include the stance of President Trump’s custody. (The group includes entities with considerable purchasing power, such as banks and hedge funds.) These investors have acquired Bitcoin in the hopes that cryptocurrency will play a more important role in the financial sector moving forward, thus increasing value.
In March, Trump signed an executive order establishing a strategic Bitcoin reserve.