Bitcoin has crossed the $100,000 mark for the first time, setting a new record for the world’s largest cryptocurrency. This surge is fueled by hopes that US President-elect Donald Trump will implement crypto-friendly policies.
The milestone was reached shortly after Trump announced his intention to nominate former SEC commissioner Paul Atkins to lead the Wall Street regulator. Atkins is viewed as a more supportive figure for cryptocurrencies compared to the current SEC head, Gary Gensler. The news ignited celebrations among cryptocurrency enthusiasts worldwide, as anticipation built on social media in the weeks leading up to this landmark price threshold.
Bitcoin’s price volatility has historically drawn significant attention, with supporters celebrating when new price milestones are hit and showing resilience during downturns. This particular milestone has been eagerly awaited, with millions tuning in to online watch parties as the price approached $100K.
The value of Bitcoin serves as a key barometer for optimism in an industry now valued at approximately $3.3 trillion, according to analysis firm Coin Market Cap. Trump’s election victory last month has acted as a catalyst for the recent surge. In a notable shift from his previous stance in 2021—when he called Bitcoin a “scam”—Trump has expressed a desire to make the US “the crypto capital of the planet.”
Notably, Bitcoin has experienced a remarkable rise in price, with the $100K valuation reflecting a 40% increase since election day in the US and more than doubling the price since the beginning of the year. However, Bitcoin’s journey is filled with compelling twists and turns. Here are seven of the most significant moments in its tumultuous history:
- The Mysterious Creator of Bitcoin
The identity of Bitcoin’s creator remains a mystery. Satoshi Nakamoto introduced the concept in 2008 on internet forums, outlining a peer-to-peer digital currency system. Despite significant speculation over the years, including false leads and claims by individuals like Australian computer scientist Craig Wright, Nakamoto’s true identity has never been confirmed. - Pizza Purchase Makes History
In a landmark transaction on May 22, 2010, Lazlo Hanyecz made the first recorded purchase using Bitcoin by buying two pizzas for $41 worth of the cryptocurrency. This event is now celebrated as #BitcoinPizzaDay, marking Bitcoin’s transition from a digital curiosity to a usable currency. - Legal Tender in El Salvador
In September 2021, President Nayib Bukele of El Salvador made Bitcoin legal tender, requiring businesses to accept it alongside the US dollar. The move attracted international attention but did not take off as expected, as the dollar remained the preferred currency. - Kazakhstan’s Crypto Boom and Bust
In 2021, Kazakhstan became a hotspot for Bitcoin mining, attracting investment with its abundant electricity. However, a rapid influx of miners strained resources, leading the government to impose restrictions and higher taxes. The country’s mining industry transitioned from a boom to a bust within a year. - Lost Wealth in the Landfill
James Howells from South Wales experienced a profound loss when he accidentally disposed of a hard drive containing his Bitcoin wallet, valued at over $100 million. Despite offering to donate a portion of his fortune to local charities for access to the landfill, his request was denied. - The Downfall of Sam Bankman-Fried
Sam Bankman-Fried, once a prominent figure in the crypto community and founder of FTX, experienced a dramatic fall from grace. His company was found to have been illegally transferring customer funds, leading to his arrest and a conviction for fraud and money laundering, resulting in a 25-year prison sentence. - Investment Bank Involvement
Despite market turmoil, Bitcoin continues to attract significant investment interest. In January 2024, major financial firms began listing Bitcoin as a Spot Bitcoin ETF, allowing investors to gain exposure without directly owning the cryptocurrency. Companies like Blackrock and Fidelity have purchased substantial amounts of Bitcoin, driving its value to unprecedented heights.
As Bitcoin’s journey unfolds, the anticipation of further dramatic moments remains, keeping both supporters and skeptics engaged in the evolving narrative of this digital asset.
Credit: BBC News
