Bitcoin (CRYPTO:BTC), some sixteen years after its creation as a lesser-known decentralized digital currency, is worth more than $100,000. Yes, you heard it right!
What happened
The world’s largest digital asset broke the $100,000 barrier on Wednesday night, after tempting the Cryptocurrency community for the last ten days with values slightly lower than the current one.
The milestone was celebrated with immense enthusiasm.
The president of El Salvador, Nayib Bukeleknown worldwide for leading his country towards a Bitcoin strategy focused on this cryptocurrency, laughed at those who questioned his approach.
😂 https://t.co/yn1b0ZY7ql
— Nayib Bukele (@nayibbukele) December 5, 2024
Michael Saylor, CEO of MicroStrategy, who preached corporate adoption of Bitcoin, stated that he would throw a party for the $100,000.
There is going to be a 100K Party. 🚀https://t.co/Vo52KQZRe5
— Michael Saylor⚡️ (@saylor) December 5, 2024
Brian ArmstrongCEO of Coinbasewished everyone a “Happy $100,000 Bitcoin Day.” considering the asset as the best performing in the last 12 years.
If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.
If you kept the $100 USD you’d only be able to purchase about $73 worth of goods today.
Bitcoin is the best performing asset of the last 12 years, and it’s still early… pic.twitter.com/dvBgX5K7or
— Brian Armstrong (@brian_armstrong) December 5, 2024
Balaji Srinivasana leading cryptocurrency advocate and prominent Silicon Valley investor, stated: “The first $100,000 is the hardest.”
The first $100,000 is the hardest. pic.twitter.com/igjg5eO9Mb
— Balaji (@balajis) December 5, 2024
Prominent pro-Bitcoin voices from the US political community also joined the event.
The senator Cynthia Lummis (Republican – Wyoming), who has proposed a bill to create a strategic Bitcoin reserve, wrote on X: “Don’t stop believing. “Bitcoin reaches $100,000.”
Don’t stop ₿elieving. Bitcoin reaches $100k!
— Senator Cynthia Lummis (@SenLummis) December 5, 2024
Vijay Boyapatiauthor of “The Bullish Case for Bitcoin,” predicted that Bitcoin’s next move will be “swift and violent.”
“Now there is very little supply. Everyone who had $100,000 as their ‘magic number’ no longer has it.”
Jeremy Powell calling #Bitcoin digital gold is the biggest endorsement of bitcoin yet, if you understand where financial power lies. Bigger than Fink or even Trump.
— Vijay Boyapati (@real_vijay) December 4, 2024
In the midst of the excitement, Peter Schiffa strong critic of Bitcoin, attributed Bitcoin’s rise to US government intervention and political bribery.
“What could not be done in a free market was achieved through the cohesive power of the state,” Schiff argued.
It’s ironic that #Bitcoin only hit $100k by buying off politicians and getting in bed with government. Without expected government intervention, this milestone would never have been hit. What couldn’t be done in a free market was achieved through the cohesive power of the state.
— Peter Schiff (@PeterSchiff) December 5, 2024
Bitcoin price movement
Meanwhile, Bitcoin continued to surpass $100,000, trading at $103,158.89, representing a growth of 7.58% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Pixabay
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