Bitcoin Prices Breaking Records

Just in 2017, bitcoin prices have increased in value 125%. Prices surged to a record high above $2,000, and were trading above $2,100 on Monday. The reason for the spike, at least partially, is because of the current presidential administration and the continues scandalous atmosphere that surrounds it.  

Last week for example, financial markets stumbled after reports that former FBI director James Comey's memo leaked to the press, and according to which the president asked Comey to stop an investigation of former National Security Adviser Michael Flynn's ties to Russia. 

The scandal has potential to escalate, though currently it is not clear whether or not the president can be accused of obstruction of justice. 

So, what all this has to do with bitcoin? 

The political uncertainties created by the current administration’s scandals raised concerns if the business-friendly agenda that was promised could actually be executed. The U.S dollar weakened as a result, but bitcoin benefited. 

Similarly to gold, online currencies such as bitcoin have shown a pattern over the years, to spike in value at times of geopolitical uncertainties, and especially when the value of a major country's paper currency is in question.

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