OHIO — Bitcoin hitting record highs has gained attention among investors as President-Elect Donald Trump prepares to take office.

What You Need To Know

  • There have been questions about how to regulate cryptocurrency around the world 
  • Experts say there is an expectation that regulations will be loosed and made clear soon 
  • Securities Exchange Commission nominees are expected to assist in the process

Jared Pincin, associate professor of economics at Cedarville University said there’s an anticipation that regulations surrounding cryptocurrency will be loosened.

Over the years, what to regulate and how to regulate it has raised questions like, “Does the IRS regulate increases in the price of Bitcoin as an investment versus just an increase in money?”

Regardless, Pincin believes as Trump takes office all of the questions will be answered. New people in Trump’s cabinet are expected to help with that process.

“One of the things that the incoming Trump administration has said is they're going to nominate new people to the Securities Exchange Commission that are more friendly toward crypto right now," Pincin said.

In the meantime, Bitcoin has hit significant low points and most recently a number of high points. When it comes to the value of it Pincin believe it is simply in the eyes of the beholder.

“Long term, eventually, it either is going to be accepted as a means of exchange, so like you would think, the U.S. dollar or it isn't going to be," he said.

Ultimately, he said there is a hope that cryptocurrency will become a part of consumers' everyday lives.