Bitcoin Breaks New Ground: A Renewed Surge Signals Mainstream Acceptance

Bitcoin's value has surged, with prices topping $98,000 as investors anticipate favorable U.S. regulation under President-elect Donald Trump. This growth is driven by the approval of U.S.-listed Bitcoin ETFs and pro-crypto lawmakers, bringing Bitcoin closer to mainstream acceptance despite past skepticism and regulatory challenges.

Bitcoin's meteoric rise continued on Thursday, with prices soaring past $98,000 during European trading hours. The surge is fueled by investors' hopes for more crypto-friendly regulations under President-elect Donald Trump, marking a significant rebound for the digital currency often met with skepticism.

This year's doubling of Bitcoin's value, intensified by a 40% rise following Trump's election, signals a shift towards mainstream acceptance. The creation of Bitcoin ETFs in the U.S. has opened up opportunities for broader investor participation, including institutional players, further propelling this growth.

While excitement builds, challenges persist. Critics point to the industry's energy consumption and past scandals, like the collapse of FTX and crypto-related crime, as ongoing concerns. Despite these, proponents believe the current administration could finally offer the regulatory clarity the crypto world has been seeking.

(With inputs from agencies.)