Bitcoin's Big Leap: Nearing $100, 000 After Election

Bitcoin's value has shot up to nearly $100, 000, making headlines after the U. S. election. In just two weeks, it's jumped more than 40% to new highs. Experts think this is happening because the incoming U. S. President is seen as more friendly towards cryptocurrencies. However, the future is uncertain, and some experts warn about investment risks. Bitcoin is a type of digital money that runs on an online network without any central authority. It uses something called blockchain to record transactions. Other popular cryptocurrencies include Ethereum and Dogecoin. Some people see them as an alternative to traditional money, but prices can be very up and down. The recent rise in Bitcoin's value is partly due to the election. The new President is thought to be more supportive of cryptocurrencies. Some people in the crypto industry are hoping for new laws and regulations that benefit them. Before the election, Bitcoin also saw a big increase because of a new way to invest in it, called spot Bitcoin ETFs. In April, Bitcoin had an event called "halving, " where the reward for creating new Bitcoin was cut in half. This can lead to fewer new Bitcoins entering the market and help push up the price in the long term. But investing in Bitcoin comes with risks. Prices can go down quickly, and they depend on bigger market conditions. During the COVID-19 pandemic, Bitcoin's price went from over $5, 000 to nearly $69, 000 and then crashed to below $17, 000 after a big company called FTX collapsed. Mining Bitcoin uses a lot of energy, and some miners use polluting sources. A recent study found that Bitcoin mining in 2020-2021 was like burning 84 billion pounds of coal. Most of its electricity comes from coal (45%), natural gas (21%), and hydropower (16%). Industry experts say more clean energy is being used now, but the impact on the climate is still a concern.