Bitcoin Hits $100K: A Milestone Moment

Bitcoin has finally crossed the long-anticipated $100,000 mark, hitting $101,000 late Wednesday evening, according to Coinbase data. This historic moment comes more than 15 years after Satoshi Nakamoto mined the genesis block, marking the birth of the world’s first cryptocurrency.

At the start of 2024, Bitcoin was trading at just over $44,000. Since then, it has risen by more than 120%, smashing records throughout November but falling just shy of the six-figure milestone until now.

From Cypherpunk Origins to Global Phenomenon

Bitcoin’s journey from obscurity to one of the world’s most valuable assets underscores its evolution:

• Decentralized Vision: Rooted in cypherpunk philosophy, Bitcoin was designed as a decentralized, censorship-resistant currency.
• Early Challenges: Once considered a tool for buying drugs online, Bitcoin has matured into a recognized hedge against inflation and a favored investment among institutional players.
• Wall Street’s Embrace: This year, Bitcoin has become a staple in portfolios, with exchange-traded funds (ETFs) making it more accessible to traditional investors.

Over the past decade, Bitcoin’s price has appreciated by over 14,250%, cementing its status as a revolutionary financial asset.

Bullish Drivers for 2024

Spot Bitcoin ETFs

The approval of spot Bitcoin ETFs in January marked a turning point for the crypto market. After years of rejections, the U.S. Securities and Exchange Commission (SEC) gave the green light, opening the door for institutional investors to access Bitcoin with ease.

This development brought heavyweights like Goldman Sachs and Tudor Investment Corporation into the fold, bolstering market confidence and accelerating inflows into the space.

Trump’s Return to Power

President-elect Donald Trump’s victory in November further fueled Bitcoin’s rise. A vocal advocate for the crypto industry, Trump has pledged to support U.S.-based mining, establish a Bitcoin reserve, and create a regulatory environment conducive to innovation.

Market participants have dubbed the rally following his election the “Trump Trade.”

Leadership Changes at the SEC

The departure of current SEC Chair Gary Gensler, who has been criticized for his enforcement-heavy approach to crypto, adds to the optimism. Trump’s nomination of Paul Atkins, a former SEC commissioner with a pro-crypto stance, signals a potential shift toward a more favorable regulatory landscape.

A Golden Era for Digital Assets?

With Bitcoin surpassing $100,000, industry observers are eyeing what they describe as a “golden” era for digital assets. Trump’s imminent return to the White House, coupled with pro-crypto leadership at the SEC, has created a wave of optimism that the industry will flourish in the years ahead.

Bitcoin’s historic milestone not only marks a triumph for the cryptocurrency but also underscores its enduring relevance as a transformative financial instrument.