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On Wednesday, Bitcoin continued its monstrous rally as it surpassed the $37,000 price level.

By 7:40 PM EST, Bitcoin's price topped out at $37,368.95. Around 9 PM EST, the price had fallen to $36,853.69. Bitcoin has now gained more than 800 percent year-to-date. In March 2020, Bitcoin was worth $4,000.

Bitcoin's price only recently broke $20,000 in the past month. Its previous record of $19,783.21 was set in December 2017. Furthermore, institutional investors and investment banks have released bullish notes on the cryptocurrency. A recent JPMorgan report stated that Bitcoin's price could reach $146,000 if investors mimic past gold purchasing trends.

Many have turned to Bitcoin in search of a store of value and hedge against inflation. The price of Bitcoin increased significantly during the recent events at the capital building, but it is unknown if the two events were correlated. In my opinion, many see the political unrest in the US as a further indication of the decrease in the dollar which could have been the main catalyst for today's gains.

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Economics, Finance and Investing

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