Bitcoin breaks through $100k for the first time
For the first time, Bitcoin has surpassed the $100,000 mark, setting a new all-time high. The surge in Bitcoin’s value has been fueled by optimism surrounding the potential crypto-friendly policies of U.S. President-elect Donald Trump.
The record was reached shortly after Trump announced his intention to nominate Paul Atkins, former Securities and Exchange Commission (SEC) commissioner, to head the Wall Street regulator. Atkins is seen as a more crypto-friendly figure compared to the current SEC chair, Gary Gensler.
This milestone sparked celebrations among cryptocurrency enthusiasts worldwide. Bitcoin’s unpredictable price has long attracted attention, with supporters celebrating every new peak and maintaining resilience through its downturns. However, the $100,000 threshold has been particularly highly anticipated. Social media was abuzz with charts, memes, and predictions about when Bitcoin would reach this coveted figure, and millions of viewers tuned into online watch parties as the price neared the mark.
Bitcoin’s value is considered a key indicator of optimism in the cryptocurrency industry, which is now valued at $3.3 trillion according to CoinMarketCap. The price jump followed Trump’s election win, which acted as a catalyst for the latest rally. Trump has promised to turn the U.S. into “the crypto capital of the planet,” a significant shift from his previous stance in 2021, when he called Bitcoin a “scam.”
The price surge represents a 40% increase since Election Day and more than double its value from the beginning of the year. But Bitcoin’s story is about much more than price volatility. From its mysterious creator to the rise and fall of fortunes, Bitcoin’s history has been filled with twists and turns. Here are seven of the wildest moments in Bitcoin’s turbulent journey:
- The Mysterious Creator
Despite Bitcoin’s prominence, no one knows for certain who created it. The idea was first introduced in 2008 by someone named Satoshi Nakamoto, who explained how a peer-to-peer digital cash system could work. Nakamoto’s true identity remains a mystery, with various people being mistakenly identified as the creator over the years. - The First Bitcoin Transaction
The first recorded Bitcoin transaction took place on May 22, 2010, when Laszlo Hanyecz paid 41 BTC for two pizzas, a transaction now famously celebrated as “Bitcoin Pizza Day.” In hindsight, those 41 bitcoins would be worth hundreds of millions of dollars today. - Becoming Legal Tender in El Salvador
In 2021, El Salvador became the first country to make Bitcoin legal tender, requiring businesses to accept it alongside the U.S. dollar. Although the move boosted tourism and sparked global interest, Bitcoin hasn’t yet gained widespread use within the country, and the U.S. dollar remains the dominant currency. - Kazakhstan’s Crypto Boom and Bust
Kazakhstan became a major hub for Bitcoin mining in 2021, thanks to its abundant electricity from coal reserves. However, the rapid growth of miners caused power shortages, prompting the government to impose restrictions and higher taxes, leading to the industry’s decline. - The Bitcoin Hard Drive in a Landfill
James Howells, from South Wales, accidentally threw away a hard drive containing the private keys to his Bitcoin wallet, worth over $100 million. Despite offering to donate part of his fortune to local charities, the local council refused to let him search the landfill for the device. - The Crypto King’s Fall
Sam Bankman-Fried, once known as the “Crypto King,” founded FTX, a major cryptocurrency exchange. His empire collapsed in 2022 after it was revealed that FTX had misused customer funds. Bankman-Fried was arrested, extradited to the U.S., and sentenced to 25 years in prison for fraud and money laundering. - Investment Bank Boom
In early 2024, several major investment firms, including Blackrock, Fidelity, and Grayscale, added Bitcoin to their portfolios through Spot Bitcoin ETFs. This move has attracted billions of dollars in investments, helping to push Bitcoin to new highs and signaling growing acceptance from traditional financial institutions.
As Bitcoin continues to evolve, it’s likely that more dramatic moments will shape its future. The cryptocurrency’s story is far from over, and its next chapters promise to be just as wild as the past ones.
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