Donald Trump

Bitcoin

Gary

Once dismissed as a fringe asset of cypherpunks and tech enthusiasts, Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) has climbed through milestone after milestone, from $1 in 2011 to $1,000 in 2013, and now to the coveted six-figure mark in 2024.&nbsp;
Bitcoin’s latest ascent speaks to its evolution from a curious experiment to a legitimate global financial asset.
But the journey to $100,000 was far from a field of green candles. The cryptocurrency has been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-deaths-crypto-market-adoption" rel="noopener noreferrer nofollow" target="null" text="null" title="null">declared “dead” more times than one can count</a>, yet it rose from its grave every time.&nbsp;
“We have two to three good years to prove that crypto can change the world for the better. This is the final chance, and this time, we have a tailwind,” Mikko Ohtamaa, co-founder of algorithmic trading firm Trading Strategy, told Cointelegraph.
<blockquote>
 “The last 10 years have been pure speculation. Now is time to go from speculation to real-world utility.”
</blockquote>
This latest bull run stands out due to some key differences.&nbsp;
Bitcoin today is not just another speculative asset — it’s widely viewed as a safe haven, a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-inflation-hedge-theory-tested-rising-interest-rates-bring-turbulence-markets" rel="noopener noreferrer nofollow" target="null" text="null" title="null">hedge against inflation</a>, and a recognized asset class with a growing institutional base.
<figure><img alt="$100K Bitcoin price: From cypherpunk dream to financial mainstream" src="https://s3.cointelegraph.com/uploads/2024-11/019320a3-2de5-700e-99d3-b5e0b6a20bda" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/SenLummis/status/1854208373740458432" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/SenLummis/status/1854208373740458432">Cynthia Lummis</a>
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Spot-based exchange-traded funds (ETFs) in major economies such as the United States and Hong Kong have made it more accessible than ever, and the recent election of crypto-friendly presidential candidate Donald Trump in the US has rolled out the red carpet for the cryptocurrency industry.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/global-crypto-adoption-nears-8-percent-milestone-by-2025" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Crypto adoption on track to hit 8% by 2025: Report</a>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-election-us-crypto-industry" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Trump’s campaign included promises</a> to replace Securities and Exchange Commission Chair Gary Gensler, a figure seen as an antagonist in the crypto space due to his strict enforcement approach.&nbsp;
Investors are hopeful this shift could reduce regulatory roadblocks, fostering a friendlier environment for crypto assets. Gensler’s tenure, marked by a “regulation by enforcement” approach, has been widely criticized by the industry for lack of legal clarity.
<h2 id="strong-the-journey-to-100-000-started-with-a-single-crash-strong">The journey to $100,000 started with a single crash</h2>
Bitcoin’s journey to $100,000 has been anything but linear. It’s been a path marked by wild price swings, market crashes and, at times, existential doubt.&nbsp;
Among its most notable near-death experiences was after Bitcoin first hit $1,000 in 2013 before tumbling to $200 in 2014. <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/the-mt-gox-bitcoin-heist" rel="noopener noreferrer nofollow" target="null" text="null" title="null">The collapse of Mt. Gox</a>, the world’s largest Bitcoin exchange at the time, loomed large over this period, and its creditor payouts <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitstamp-distributes-mt-gox-creditor-crypto-july-25" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/bitstamp-distributes-mt-gox-creditor-crypto-july-25">are still news today</a>, a decade later.
In December 2017, Bitcoin reached new heights of nearly $20,000, buoyed by the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-ico-boom-history-crypto" rel="noopener noreferrer nofollow" target="null" text="null" title="null">initial coin offering (ICO) boom</a>. However, regulatory crackdowns soon followed, with the US <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-win-judgment-rivetz-case-18-million-crypto-ico" rel="noopener noreferrer nofollow" target="null" text="null" title="null">treating ICOs as unregistered securities offerings</a> and China <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/omisego-unfazed-by-chinas-ico-ban" rel="noopener noreferrer nofollow" target="null" text="null" title="null">outright banning them</a>. By December 2018, Bitcoin was trading at $3,200.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/new-study-says-80-percent-of-icos-conducted-in-2017-were-scams" rel="noopener noreferrer nofollow" target="null" text="null" title="null">New study says 80% of ICOs conducted in 2017 were scams</a>&nbsp;
Bitcoin’s next major resurgence came in 2021, reaching $63,000 as institutions and high-profile firms such as Elon Musk’s Tesla <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-hits-43k-all-time-high-as-tesla-invests-1-5-billion-in-btc" rel="noopener noreferrer nofollow" target="null" text="null" title="null">added fuel to the rally</a>.
<figure><img alt="$100K Bitcoin price: From cypherpunk dream to financial mainstream" src="https://s3.cointelegraph.com/uploads/2024-11/019320a9-1b43-7365-8017-8a884908bd45" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/ArkhamIntel/status/1856094439091110254" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/ArkhamIntel/status/1856094439091110254">Arkham Intelligence</a>
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But regulatory pressure once again dampened enthusiasm: China <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">imposed a crackdown on Bitcoin mining</a>, leading to a steep drop to $29,000. Following a new high of $69,000 in November 2022, Bitcoin tumbled to a low of $15,000 amid broader crypto industry turmoil from <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-bankruptcy-crypto-exchange-anniversary" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/ftx-bankruptcy-crypto-exchange-anniversary">FTX’s collapse</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kyle-davies-not-sorry-3ac-collapse-plans-avoid-jail-singapore" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Three Arrows Capital’s implosion</a>, and the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/terra-luna-crash-anniversary-community-reflects-on-the-lessons-learned" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Terra-Luna stablecoin crisis</a>.
Now, in 2024, Bitcoin has surged back. The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SEC’s approval of spot Bitcoin ETFs</a> in January opened the doors to broader participation, and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-election-us-crypto-industry" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Trump’s election in November has supercharged the rally</a>.
“What’s propelling us now are factors like ETF accessibility, corporate buy-ins and growing allocations from institutions across the globe,” Hong Kong-based market analyst Justin d’Anethan told Cointelegraph. “The shift away from the dollar in BRICS economies also adds a layer of intrigue, positioning Bitcoin as a potential hedge in a world reassessing the role of traditional reserve currencies.”
<h2 id="strong-what-does-100-000-mean-for-bitcoin-strong">What does $100,000 mean for Bitcoin?&nbsp;</h2>
For Bitcoin bulls, $100,000 is more than just a number. It’s a psychological checkpoint that validates <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/peter-brandt-laser-eyes-to-blame-for-bitcoin-correction-but-it-s-very-mild-anyway" rel="noopener noreferrer nofollow" target="null" text="null" title="null">years of “laser eye” fervor</a> — a social media trend where Bitcoin supporters donned laser-eyed profile pictures to signal their faith in this milestone.
But as d’Anethan explained, $100,000 isn’t the end goal.&nbsp;
”Over the past year, the rise has been largely driven by sophisticated players: we’ve seen corporate treasuries (mainly MicroStrategy), ETFs pop up, and even pension funds starting to allocate to BTC, all with limited fanfare,” he said.
<blockquote>
 “Retail investors have yet to pile in, and when that euphoria hits, it won’t stop at $100,000.”
</blockquote>
Trump’s campaign also floated the idea of a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/the-case-bitcoin-reserve-asset-bitcoin-policy-institute#:~:text=Following%20former%20President%20Trump's%20keynote,Bitcoin's%20total%20supply%20over%20time." rel="noopener noreferrer nofollow" target="null" text="null" title="null">strategic Bitcoin reserve</a>, which has stirred mixed reactions.&nbsp;
<figure><img alt="$100K Bitcoin price: From cypherpunk dream to financial mainstream" src="https://s3.cointelegraph.com/uploads/2024-11/019320a0-f259-784c-9cc2-6bedc5d217fb" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Bl00dOld/status/1855754949797265682" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/Bl00dOld/status/1855754949797265682">Ed Krassenstein/Impure Hoonter</a>
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Some view it as a move toward centralization, while others, like Bitcoin marketplace Magisat founder Quary, see it as neutral to Bitcoin’s decentralized ethos.&nbsp;
“Who holds Bitcoin doesn’t really affect the network in any way,” Quary told Cointelegraph.
<blockquote>
 “Hopefully, both US and BRICS (Brazil, Russia, India and China) have similar interest in Bitcoin and both own big stakes in Bitcoin. That’s the best case scenario in my opinion — an unbiased decentralized network where all powers can partake.”
</blockquote>
<h2 id="strong-where-does-bitcoin-go-from-here-strong">Where does Bitcoin go from here?&nbsp;</h2>
 Hitting $100,000 is a symbolic achievement, but for many, it signals the beginning of Bitcoin’s larger story.&nbsp;
In the near short term, with the US Federal Reserve’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fed-dovish-move-slash-625-m-in-interest-income-stablecoins" rel="noopener noreferrer nofollow" target="null" text="null" title="null">anticipated continued pivot toward rate cuts</a>, Bitcoin could find itself in a favorable macro environment for risk assets.
“As long as we don’t face a major liquidation from 2022’s bankruptcies or an unforeseen black swan, the path of least resistance seems up,” d’Anethan said.
However, as history shows, Bitcoin’s trajectory is rarely a smooth upward line. Corrections are likely, even amid positive momentum.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ai-more-power-hungry-bitcoin-profits-pose-risks-bitcoin-miners/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>
In a world of shifting economic powers and evolving monetary policies, Bitcoin has transformed from a niche asset into a viable financial alternative.&nbsp;
Whether it’s a hedge against inflation, a safe haven or a symbol of financial sovereignty, Bitcoin’s climb to $100,000 is a clear signal: The era of cryptocurrency is here to stay, with all its volatility, complexity and transformative potential.

$100K Bitcoin price: From cypherpunk dream to financial mainstream

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Cointelegraph

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