Bitcoin has surged to its highest price since February amid ongoing civil disorder in the U.S.

After spending nearly a week above $9,000 and in the $9,400-to-$9,600 range since Friday, the cryptocurrency saw investors flooding in, pushing the price higher in trading Monday. Bitcoin was sitting at $10,118.57 at 10 p.m. EDT, up 6% over the last 24 hours after having gone as high as $10,268.58 at 7:40 p.m.

The reasons behind any surge in bitcoin’s price is always open to speculation. According to Forbes, the rise is coming off steady growth in bitcoin futures. Bitcoin futures offered by CME Group saw a volume of 3,943 trades on June 2020 bitcoin futures during the day, with the current price sitting at $10,215 as of 9:45 p.m. EDT, up $565. Bitcoin futures on Bakkt saw 317 trades with a price of $10,177.50.

Others are linking the current turmoil in the U.S. to bitcoin’s rise, not specifically the violence itself but the economic damage looting and burning down buildings will result in. Galaxy Digital’s Michael Novogratz noted on Twitter that budgets are going to blow out as a result.

$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train.

— Michael Novogratz (@novogratz) June 1, 2020

Novorgratz has previously discussed that monetary and fiscal stimulus being used during the coronavirus pandemic would also push bitcoin higher. The theory here is that as governments print more money and rack up more debt, the value of traditional currencies decline, making bitcoin a safe-harbor investment.

That idea is supported by David Leibowizt, global macro portfolio manager at CIO Lebo Capital Management, who told Coindesk in an interview that bitcoin is a big opportunity for investors in what he describes as the “debt-fueled roaring twenties.” He takes the idea further, saying that with global interest rates for government-guaranteed debt near zero, the fixed income asset class has disappeared. With bonds offering little to no returns, Leibowizt believes that investors will look to assets such as bitcoin as part of their portfolio reallocations.

Just how far bitcoin could go is, as always, anyone’s guess. That bitcoin has broken through $10,000 is a positive sign and some are suggesting that the cryptocurrency could hit $11,000 or even $12,000 in fairly short shrift.

when $btc finally does break out of this range it going to be explosive, id say 11k within 3 weeks and possibly 12k within a month. pic.twitter.com/1haX1Vs9qu

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 29, 2020

Bitcoin’s price increase was reflected in other leading cryptocurrencies, with Ethereum up 5% to $247.28, Ripple XRP up 3% and Bitcoin Cash up 7%.

Image: 30478819@N08/Flickr