Bitcoin Hits Record-High; Inches Near $112,000

Bitcoin climbed to an all-time-high edging near $112,000 late Wednesday. The surge can be attributed to increased risk appetite and persistent institutional demand.

The cryptocurrency clocked at $111,988.90 and was last seen trading at $111,259. Bitcoin has surged more than 18% since the beginning of the year.

“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” wrote Anthony Pompliano, founder and CEO of Professional Capital Management in a letter to investors on Wednesday.

“There were few sophisticated capital allocators who could gain exposure when bitcoin was $100-200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”

The Trump administration’s crypto-friendly policies have raised optimism around digital assets, inviting a flurry of investments into the sector.

Bitcoin’s rally had an impact on other cryptocurrencies as well.

Ether soared to a one-month high of $2,794.95. It rose 5.4% at $2,740.99.

MicroStrategy, a business intelligence firm co-founded by Michael Saylor, soared 4.7% to $415.41, while Coinbase Global went up by 5.4% to $373.85.