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Bitcoin (BTC-USD) continues its relentless march higher, trading a whisker away from the $100,000 level as of this writing.
The cryptocurrency is now up more than 400% year-to-date, easily outpacing the gains of the S&P 500 and Dow Jones Industrial Average, which are both up around 20% over the same period.
Several factors are contributing to bitcoin's strong performance, including rising inflation, which is eroding the value of fiat currencies and making bitcoin appear more attractive as a store of value. Additionally, several large institutions, such as Tesla (TSLA) and MicroStrategy (MSTR), have added bitcoin to their balance sheets, which is helping to legitimize the cryptocurrency in the eyes of mainstream investors.
Finally, the upcoming change in administration is also seen as a positive for bitcoin, as President-elect Joe Biden has promised to create "clear rules" around crypto. That seems to boil down to regulators making buying bitcoin and other cryptocurrencies easier.
“The main pain point for crypto was really the regulatory uncertainty. Fear of litigation. You couldn't get banked. You know, our audit at Galaxy cost three times what it would if we were a non-crypto company,” Galaxy Digital (GLXY) CEO Mike Novogratz said in a recent interview with Yahoo Finance: “Those are the things that are going to go away, and that's going to make it easier for more institutions to participate in the market.”
Julie Hyman is the co-host of Market Domination on Yahoo Finance. You can find her on social media @juleshyman.
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