According to a recent Forbes article, the "likely reason" for Bitcoin's rise is the strong performance of the cryptocurrency, driven by market expectations that Donald Trump will win the presidential election within two weeks.
"According to CNBC, almost half of all corporate money raised in the US Presidential Election came from Bitcoin and cryptocurrencies, and they outspent big oil companies and banks. So far, where cryptocurrency money has gone, victory has followed."
According to the Wall Street Journal, unlike gold, which has long been regarded as a global safe-haven asset, bitcoin is still considered a speculative asset. Given the volatile price of bitcoin, it is unclear whether hoarding bitcoin will bring long-term returns.