Bitcoin Price Hits $100,000 for First Time

After flirting with the $100,000 price mark but not quite hitting it, Bitcoin finally crossed over this record price late Wednesday.

The election of Donald Trump to U.S. president is believed to be aiding in the surge as Trump has embraced cryptocurrencies.

Since Nov. 5, the price of bitcoin has surged more than 45 percent.

Rob Wile of CNBC writes:

The six-figure mark is the latest lucrative milestone for a digital currency that emerged 15 years ago from a brief white paper written by a still-unknown author. The ideas that author, known as Satoshi Nakamoto, spelled out have since spawned an entire technological landscape dedicated to peer-to-peer transactions that now includes hundreds of other digital tokens as well as NFTs and trading platforms.

But cryptocurrencies have remained controversial: Many of them, including bitcoin itself, have helped fuel a rise in cybercrimes and scams that the FBI says were responsible for billions of dollars in consumer losses last year.

The online gambling industry is certainly cheering the momentous occasion as it was among the first to latch onto the cryptocurrency space while Bitcoin was still in its infancy.

Bitcoin and similar digital currencies are believed to account for well over three quarters of all funding coming into so-called "grey market" sportsbooks and online casinos.