The value of Bitcoin is approaching its record high. The price of the world’s largest digital currency is being fueled by growing demand from companies building up stockpiles of digital tokens on their balance sheets.
Bitcoin was worth over $122,000 on Monday morning, not far from the previous record of over $123,000 in mid-July. The cryptocurrency ether climbed to over $4,300 this weekend, its highest level since December 2021.
The increases stem from growing interest in cryptocurrencies among large investors. Publicly traded companies focused on accumulating cryptocurrencies have amassed substantial stockpiles of Bitcoin and Ether, according to data from cryptocurrency trackers.
US import tariffs on gold bars also play a role, according to crypto analyst Rachael Lucas at BTC Markets. Due to the supply bottlenecks and policy risks facing gold, she believes bitcoin is gaining ground.
