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In fact, over the past 60 trading sessions, the price of the digital currency has risen three-quarters of the time. Why is bitcoin soaring as much as it is? It’s tough to say with any certainty given the decentralized nature of the currency, but it could have to do with a few key factors. To begin with, bitcoin’s visibility is growing.
Another key point is that Japan declared the cryptocurrency to be legal tender earlier this year. As with other currencies, it meant bitcoin exchanges would have to comply with anti-money-laundering regulations in Japan, but it also opened the door to new investors and helped legitimize bitcoin as a potentially valid form of payment. We may even be able to point to President Trump and his cabinet for bitcoin’s astronomical rise in recent months. Trump has favored a weaker U. However, a weak dollar could also send investors scurrying toward finite assets that hold their value, like gold, and perhaps even bitcoin. Likewise, the cryptocurrency’s rise could be fueled by support from members of Trump’s Cabinet, including budget director Mick Mulvaney, who’s been nicknamed the “bitcoin congressman” by some bitcoin supporters. A man in a suit holding his hands up as if to say “No thanks.