WATCH: What Drove Bitcoin Price Up Today? We Explore the Pop

The price of Bitcoin (BTC) jumped 5.1 percent on Wednesday to the highest price in three weeks, after the Federal Reserve (Fed) said it would print money to expand the size of bank reserves – seen as a move by the U.S. central bank that could spark inflation.

Traders said optimism also was buoyed by speculation that the U.S. Securities and Exchange Commission might approve a new bitcoin-based exchange traded fund and an announcement by UNICEF that it would accept donations of cryptocurrencies.

Joe DiPasquale, CEO of the cryptocurrency hedge-fund firm BitBull Capital in San Francisco, discusses the day’s price jump and gives his views on the market outlook.

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