The price of a single bitcoin rose to six figures for the first time last week. It’s a remarkable milestone for an asset that was once written off as an experiment. Early investors have become millionaires many times over.

While there have been huge windfalls, it has been a rollercoaster ride. Just two years ago, the price of bitcoin plummeted after the collapse of the prominent crypto exchange FTX and the jailing of its chief executive. But the industry’s fortunes turned around this year when regulations changed to allow retail investors easier access. And now Donald Trump is on board.