The price of bitcoin hit more than $100,000 for the first time as the value of the cryptocurrency continues to soar following the election of Donald Trump. This came just hours after the President-elect indicated he'd take a lighter regulatory approach to the crypto industry during his presidency. It climbed from $69,374 on the day of Trump's election on November 5 and rose as high as $103,713 on December 4, according to CoinDesk. Just two years ago, bitcoin dropped below $17,000 following the collapse of crypto exchange FTX. However, experts aren't sure how long the value of bitcoin will remain high as cryptocurrency is highly volatile. Some are hopeful of future gains, but others continue to warn of investment risks. Trump, who was once a crypto skeptic, has said he wants to make the US "the crypto capital of the planet." His campaign accepted donations in cryptocurrency and he has also launched World Liberty Financial, a new project with family members to trade cryptocurrencies. Many in the crypto industry have welcomed Trump's victory, hoping that he'll be able to push through changes that they've long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape. Trump has already made a move in that direction, saying he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission (SEC). Under current chair Gary Gensler, the SEC has cracked down on the crypto industry, penalizing a number of companies for breaking securities laws. But what is cryptocurrency, really? In basic terms, cryptocurrency is digital money. It is designed to work through an online network without a central authority — meaning it's typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.