Bitcoin has reached a historic milestone, surpassing the $100,000 mark for the first time. The world’s most valuable cryptocurrency has seen its price soar, fueled by optimism that the incoming US administration, led by President-elect Donald Trump, will implement crypto-friendly policies.
This achievement came shortly after Trump’s announcement that he would nominate Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner, to lead the Wall Street regulator. Atkins is known for his pro-cryptocurrency stance, a sharp contrast to the current SEC head, Gary Gensler.
As per the Leaders Asia sources, the news of Bitcoin crossing the $100,000 threshold has sparked celebrations across the global cryptocurrency community. For weeks, enthusiasts have been speculating about when this moment would come, with charts and memes circulating widely on social media. The excitement even led to online watch parties as Bitcoin’s price hovered near the coveted mark.
Bitcoin’s rising value is a key indicator of the broader optimism in the cryptocurrency industry, which is now estimated to be worth $3.3 trillion, according to Coin Market Cap. Trump’s election victory played a pivotal role in driving this surge. He has expressed plans to make the United States “the crypto capital of the planet,” a stark contrast to his previous skepticism toward Bitcoin.
Bitcoin’s impressive growth has been nothing short of remarkable. Its value has increased by 40% since the election day in the US and more than doubled from the start of the year. But Bitcoin’s rise isn’t just about its value; it’s also about its broader cultural and financial impact.
The story of Bitcoin is full of twists and turns, from its mysterious origins to landmark events. No one knows for sure who created Bitcoin, with the pseudonym Satoshi Nakamoto behind its inception. Despite various claims over the years, the true identity of Nakamoto remains a mystery.
The first known Bitcoin transaction occurred in 2010, when a man named Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas, a moment now celebrated as #BitcoinPizzaDay. Since then, Bitcoin has evolved from an obscure digital currency to a cornerstone of the multi-trillion-dollar cryptocurrency market.
The path hasn’t been without controversy. From the first darknet marketplace using Bitcoin for illegal transactions to El Salvador’s decision to make Bitcoin legal tender in 2021, Bitcoin has often been at the center of heated debates. President Nayib Bukele’s push to make Bitcoin a primary currency has not been as successful as hoped, and the US dollar still holds dominance in El Salvador.
Bitcoin’s influence has expanded beyond borders. Kazakhstan, once a hotspot for Bitcoin mining, saw its mining industry collapse when it became too costly for the country’s power grid. Meanwhile, the environmental impact of Bitcoin’s electricity consumption has drawn concern.
According to Leaders Asia sources, among the wildest Bitcoin stories is that of James Howells, who accidentally discarded a hard drive containing access to a Bitcoin wallet worth over $100 million. He offered to donate a portion of the fortune to charity if he could retrieve the drive, but local authorities refused to grant him access to the landfill site.
The most dramatic tale, however, is that of Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange. Once hailed as the “Crypto King,” Bankman-Fried’s empire crumbled amid revelations of financial misconduct. He was eventually convicted of fraud and money laundering, sentenced to 25 years in prison.
Despite these challenges, Bitcoin continues to attract major financial institutions. In early 2024, companies like BlackRock, Fidelity, and Grayscale began adding Bitcoin to their official asset lists as Spot Bitcoin ETFs. These new investment products have brought in billions of dollars, pushing Bitcoin’s price to new heights and solidifying its status as a serious asset.
For many, Bitcoin’s meteoric rise represents the realization of the vision laid out by its mysterious creator, Satoshi Nakamoto. As the cryptocurrency continues to evolve, it is clear that Bitcoin’s story is far from over, and there will likely be many more remarkable moments to come.
