Bitcoin rushes from record to record thanks to optimistic outlooks

Bitcoin is on the verge of recording gains for the seventh consecutive week, marking the longest upward trend in over three years. The positive expectations regarding a crypto-friendly Trump administration are driving the cryptocurrency to new heights. The last time Bitcoin achieved a similar series was in September 2021, before the bubble burst a year later. During this period, Bitcoin reached a record value of around $69,000 in November 2021 before crashing to just over $15,000 due to industry scandals and bankruptcies. Since Trump's election victory in November, Bitcoin has appreciated by about 50%. "Trump's support for cryptocurrencies significantly reduces reputational and regulatory risk," explained Strahinja Savic, Head of Data Analysis at FRNT Financial. "US financial institutions are receiving the green light to engage in this market, leading to a reassessment of this dynamic." The nomination of crypto advocates by President-elect Donald Trump also has positive impacts on the markets. On December 5, Bitcoin exceeded the $100,000 mark for the first time, after Trump nominated Paul Atkins as chairman of the US Securities and Exchange Commission (SEC), reaching a record value of $103,800 that day. On Friday, Bitcoin traded around 1.8% higher at $101,548, posting similarly strong gains for the week. Bloomberg measures the weekly price changes from Sunday to Sunday. Inflows into Bitcoin ETFs also contribute to the gains. According to Peter Chung, Head of Research at Presto Research, more and more investors are seeking opportunities to participate in Bitcoin's development. Even for investors who cannot directly hold Bitcoin due to legal or social reasons, ETFs or shares/bonds issued by companies like MicroStrategy and Coinbase open new avenues.