Bitcoin Surges Past $100,000 Setting a New Record in Cryptocurrency History
Introduction
Bitcoin has once again made very big news around the world as it reached a new milestone in its journey by crossing the whopping figure of $100,000, making it the largest cryptocurrency in the world. This was evident in the growing presence of the coin within global financial markets and the never-ending journey of rising and falling fortunes with an interesting storyline.
An unusual twist of events saw ex-U.S. President Donald Trump endorsing Bitcoin as “you’re welcome” in a recent public appearance, prompting headlines everywhere. This endorsement was astonishing because Trump had previously scorned all digital assets.
Investors rushed to the doors with this news, greatly furthering the initiation of a new price rally for it. It gives this instrument credibility and further propelling its narrative as a mainstream financial instrument indeed inviting itself into the history book, akin to the fact that it would be climbing into a $100,000 valuation.
| Year | Event | Impact |
|---|---|---|
| 2008 | Whitepaper Published | Introduced concept of decentralised digital currency. |
| 2010 | First Transaction (Pizza Day) | Highlighted early use case for cryptocurrency. |
| 2021 | Legal Tender in El Salvador | Showcased Bitcoin’s growing global acceptance. |
| 2024 | Bitcoin Reaches $100,000 | Reinforces Bitcoin’s dominance in global finance. |
Here are seven moments that marked the historic changes shaping the incredible narrative of the coin.
1. The Mysterious Creator of Bitcoin
Satoshi Nakamoto-the pseudonym remains one of the mysteries in cryptocurrency. No one has ever determined who created Bitcoin. The idea of decentralised peer-to-peer digital currency, which would upend online transactions, was published by Nakamoto in 2008.
There are still claims by some people that they are the true Nakamoto-cases in point being those of Australian Craig Wright and British Stephen Mollah-but so far, the secret remains intact. This enigma is crediting the Bitcoin myth as making the coin a coin in some limits-to-the high walls of cryptocurrency and technological innovation and more public perspectives with which anonymity holds.
2. The Pizza Purchase That Made History
Laszlo Hanyecz paid 10,000 coin for two pizzas on May 22, 2010, and made the very first purchase using bitcoin. What, at that time, seemed nothing but a simple business as per the legend would end up celebrated each year as #BitcoinPizzaDay instead.
Had they held onto the coins, they would be worth over $1 billion today, clear evidence of how it has progressed since then. Bitcoin becomes legal tender in the country of El Salvador.
3. Bitcoin Becomes Legal Tender in El Salvador
The first nation in the world to adopt coin as legal tender was under the administration of President Nayib Bukele in the year 2021: El Salvador. Under this, the country forced businesses to use Bitcoin alongside the USD dollars.
The move rang bells across sectors of tourism and innovation, but looking at it without difficulty it was also a baptism of fire with many citizens getting worried as Bitcoin began to manifest its volatility. Indeed with mixed results, Bukele still remains optimistic believing Bitcoin could secure El Salvador’s financial future.
4. Kazakhstan’s Crypto Mining Boom and Bust
Kazakhstan was able to attract an influx of bitcoins in 2021, all due to the low-cost electricity in the country. Giant warehouses were filled with computers continuously running 24 hours a day, pouring out fresh bitcoin into the market.
However, it did not take long before Kazakhstan suffered from its austerity crisis on energy and imposed restrictions, and higher taxation on the miners. The event presented the global challenges in environmental and logistical terms that its mining entails massive energy consumption.
| Country | Reason for Mining Surge | Challenges Faced |
|---|---|---|
| Kazakhstan | Low electricity costs | Energy crisis, higher taxation |
| China | Access to cheap power | Crackdowns and regulatory hurdles |
| USA | Innovation-friendly policies | Environmental and sustainability issues |
5. The Tale of Bitcoin Lost in the Trash
It is reported that James Howells of Wales threw away a hard drive with Bitcoin worth more than $100 million. Local charities would have received a significant amount from Howells as he was ready to donate a huge percentage of his holdings, but authorities would not grant him access to the landfill.
This story shows the dangers of handling it without taking proper precautions as loss of access to wallets can translate to a loss of fortunes forever.
6. The Downfall of the Crypto King
Bankman-Fried, once hailed as a ‘Crypto King’ plunged into ruins, as his exchange FTX mishandled funds. With fraud conviction, Bankman-Fried is now the story of a cautionary tale under what he did in the Bitcoin ecosystem.
Yet through the rain and muddied waters caused by this tale, the world continues to open further towards it for mainstream investors.
7. Entry Into Institutional Finance
January 2024 saw the approval of Bitcoin-backed exchange-traded funds (ETFs) by the most prominent financial institutions and ushering in the mainstreaming of cryptocurrencies into the traditional hierarchy of investments. Billions of dollars flowed into these products, driving its value even higher.
| Year | Institutional Move | Effect on it |
|---|---|---|
| 2020 | MicroStrategy purchase | Sparked institutional investments. |
| 2024 | Approval of Bitcoin ETFs | Increased mainstream adoption. |
Final Thoughts
Bitcoin has come to touch a milestone of $100,000, which is a testimony to its strength and lure over markets. From its enigmatic birth to being taken on by governments and institutions alike, it’s a currency that’s proven its endurance.
True, volatility remains an issue, as do environmental concerns, but it continues to evolve – this much is certain. For now, the world watches as it continues to climb the ladder, establishing new records in financial history with each step.
