Bitcoin surges past $100k for first time
4 min read
Bitcoin Hits Record High, Surpassing $100,000 for the First Time
Bitcoin has reached a historic milestone, surpassing $100,000 for the first time ever, marking a new peak for the world’s largest cryptocurrency. This surge in value has been attributed to the growing optimism surrounding US President-elect Donald Trump’s approach to cryptocurrency regulation, alongside Bitcoin’s broader appeal as an alternative investment.
The price surge followed Trump’s announcement of his intention to nominate former SEC commissioner Paul Atkins to head the Wall Street regulator. Atkins, who has a more favorable stance on cryptocurrencies compared to the current SEC head, Gary Gensler, is seen as a figure who could support more crypto-friendly policies. This news sent Bitcoin’s value soaring, and the $100,000 milestone sent waves of excitement across the crypto community, with fans celebrating the achievement on social media.
Bitcoin’s price history has always been one of extreme volatility, with its value frequently swinging dramatically. Its supporters are accustomed to moments of exhilaration when it breaks through significant price thresholds. The $100,000 mark had been widely anticipated by crypto enthusiasts for weeks, with many speculating on when this moment would occur. Social media platforms were flooded with predictions, memes, and charts, while online watch parties attracted millions of viewers as Bitcoin hovered around the $100k mark.
Bitcoin’s meteoric rise has contributed to the broader growth of the cryptocurrency industry, which is now valued at an estimated $3.3 trillion, according to CoinMarketCap. Trump’s election victory in late 2023 provided an additional boost to Bitcoin’s momentum. The president-elect had previously been critical of Bitcoin, even calling it a “scam” in 2021, but now advocates for the US to become the “crypto capital of the planet.” His change in attitude is one of the key drivers behind the latest price surge, which has seen Bitcoin’s value more than double from the beginning of the year.
To understand the significance of this moment, it’s essential to look at Bitcoin’s tumultuous history. Here are seven key moments that have shaped the cryptocurrency’s journey.
- The Mysterious Creator
The identity of Bitcoin’s creator remains one of the biggest mysteries in tech. Bitcoin was introduced in 2008 by an anonymous figure known as Satoshi Nakamoto. Despite various claims, including from Australian computer scientist Craig Wright in 2016, the true identity of Nakamoto has never been confirmed. Over the years, numerous people have been speculated to be Nakamoto, but none have provided conclusive proof. - The First Bitcoin Transaction
Bitcoin’s first real-world transaction occurred in May 2010 when a programmer named Lazlo Hanyecz purchased two pizzas for 10,000 Bitcoins, which at the time was worth $41. Today, those 10,000 Bitcoins would be worth hundreds of millions, making this one of the most talked-about transactions in cryptocurrency history. - Bitcoin Becomes Legal Tender in El Salvador
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, allowing citizens to use it for everyday transactions. While the move was initially celebrated by crypto enthusiasts, Bitcoin’s adoption didn’t meet expectations, and the US dollar remains the dominant currency in the country. Despite this, President Nayib Bukele’s Bitcoin investments have proven to be lucrative, with his Bitcoin holdings rising significantly in value. - Kazakhstan’s Crypto Mining Boom and Bust
Kazakhstan experienced a surge in Bitcoin mining activity in 2021 due to cheap electricity, attracting miners from around the world. However, the rapid influx of miners put a strain on the country’s power grid, leading to blackouts. The government responded with restrictions and higher taxes, signaling a boom-to-bust cycle for Kazakhstan’s crypto mining industry. - Lost Bitcoins in a Landfill
James Howells, a British man, infamously threw away a hard drive containing the keys to a Bitcoin wallet worth over $100 million. Despite his attempts to retrieve it from a landfill, local authorities refused, and the wallet’s contents remain lost. His story highlights the irreversible nature of cryptocurrency transactions and the potential for monumental financial losses. - Sam Bankman-Fried and the FTX Collapse
Former crypto mogul Sam Bankman-Fried, once hailed as a “Crypto King,” lost a fortune after his company, FTX, collapsed in late 2022. Bankman-Fried was found guilty of fraud and money laundering after it was revealed that his company misappropriated customer funds. His arrest marked one of the biggest scandals in crypto history. - Bitcoin’s Mainstream Acceptance
Despite past volatility, Bitcoin has increasingly been embraced by major financial institutions. In early 2024, firms like BlackRock, Fidelity, and GrayScale launched Bitcoin-related investment products, including Bitcoin ETFs. This shift has led to a surge in Bitcoin’s value, pushing its price to new heights and cementing its place as a serious asset class.
Bitcoin’s journey is far from over. As it continues to attract attention from investors, governments, and institutions, it remains one of the most closely watched and debated assets in the world. With its recent surge beyond $100,000, the cryptocurrency’s next chapter is bound to be just as thrilling and unpredictable as the ones that came before.
About The Author
