Bitcoin has just reached an all-time high, after a year of massive fluctuations. The current price of a Bitcoin at the time of writing is $1,206. The last time the cryptocurrency reached this height was in November of 2013 at $1,163. The total value of Bitcoin in circulation is approximately $20 billion, the same size as the economy of Iceland. Various factors seem to be pushing the price higher.
First off, Mike Mulvaney was just confirmed with the United States government as the director of Office of Management and Budget. Mulvaney has been a large proponent of Bitcoin since it’s creation in January of 2009. Mulvaney was the pioneer of the Congressional Blockchain Caucus that focused “on raising awareness, advancing ideas that foster growth, and safeguarding consumers.” Other members of President Trump’s administration are also vocal proponents of Bitcoin and blockchain technologies.
Similarly, The Securities and Exchange Commission is currently deciding on whether or not to approve the first Bitcoin ETF. The Winklevoss twins are also expected to receive feedback about their Bitcoin Trust ETF by March 11th. The request has been filed for approximately 4 years and would allow casual investors to easily invest in Bitcoin through the platform of their choice, without having to go through the open markets such as BTC-E, LocalBitcoins, etc.