Bitcoin at $100K: The Financial World Reacts

What to know:

As someone who has been following and investing in cryptocurrencies since their early days, I must admit that watching Bitcoin surpass $100,000 is nothing short of breathtaking. It’s like witnessing the internet’s infancy all over again, only this time it’s not just about websites or emails; it’s about a decentralized, digital currency that could potentially change the financial landscape forever.

2024 saw several groundbreaking moments in the world of cryptocurrency: For the first time, a Bitcoin Exchange-Traded Fund (ETF) was introduced as a spot product; likewise, the first ever Spot Ether ETF was also launched. Additionally, it was the first instance where a pension fund decided to invest in this asset class.

However, following an old saying, they saved the finest for the finale: In the final stretch of the year, bitcoin (BTC) crossed the six-digit mark for the very first time.

As a crypto investor, I woke up to the exhilarating news that my digital currency had soared beyond the $100,000 mark on a Thursday morning UTC time. This remarkable surge took us from a humble beginning of zero value just over 15 years ago and transformed it into an impressive $2 trillion asset class in less than two decades.

Recently achieved is a significant milestone that seemed unimaginable not too long ago. A little over two years back, the entire cryptocurrency sector was grappling with the devastating collapses of FTX, Celsius, and the Terra-Luna ecosystem. To the average person, the industry appeared shrouded in a toxic haze. Bitcoin plummeted to approximately $15,000, and for many mainstream onlookers, it seemed to be gasping its last breaths.

Currently, Bitcoin has experienced an increase of over 500% since the troubled times of November 2022 when Sam Bankman-Fried’s business empire fell apart. What sets this cycle apart from previous ones is that Wall Street is actively participating in this year’s rally. The recent approval of ETFs has attracted institutions, and sales teams at traditional financial heavyweights like BlackRock are promoting crypto-related products. Interestingly, the soon-to-be President of the United States, Donald Trump, endorses Bitcoin and digital assets; he even has a DeFi project.

Regardless if they’ve been advocates for a while, recently converted, or leaders in government, many are celebrating their successes, while those who have remained doubtful or pessimistic are adapting to the situation.

Here’s what prominent people are saying about BTC hitting $100,000:

Donald Trump, U.S. president-elect:

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!

Mike Novogratz, CEO of Galaxy:

Reaching $100,000 for Bitcoin marks more than just an increase in price; it symbolizes acceptance, faith, and a community that has propelled this revolution from nothing to something significant. As global leaders take notice and a generational change in wealth unfolds, we’re only at the start of this exciting journey.

As an analyst, I find it intriguing that bitcoin has reached the $100K mark, primarily due to political influence and strategic alliances with government entities. In a truly free-market environment, this significant milestone might not have been attainable. Instead, what seemed impossible through organic market forces was realized through the collective power of state intervention.

Brian Armstrong, CEO of Coinbase:“If you had invested $100 in Bitcoin when Coinbase was launched in June 2012, it would be approximately worth $1,500,000 today. If you held onto the original $100 as cash, you’d only be able to buy around $73 worth of goods currently. Over the past 12 years, Bitcoin has been the top-performing asset and we are still in its early stages.

Anthony Pompliano, founder & CEO of Professional Capital Management:

Reaching such an impressive achievement! Bitcoin’s journey has been marked by significant fluctuations, experiencing both significant gains and losses. There have been several instances where it dropped by 30%, 50%, or even 90%. Typically, such volatility might deter many investors. However, I can’t help but view this as one of the most selfless acts I can imagine.

Nayib Bukele, president of El Salvador

He posted a screenshot of El Salvador’s bitcoin portfolio, then the “it ain’t much but it’s honest work” meme after Elon Musk called it impressive.

Joel Kruger, market strategist at LMAX Group:

“We think it’s important that the Federal Reserve Chair has compared Bitcoin to gold, because this gives Bitcoin greater legitimacy as a crucial investment in global financial markets. It’s worth noting that gold is still about ten times bigger than Bitcoin at the moment, which suggests there’s plenty of potential for Bitcoin to expand even further from its current position.

Matt Mena, crypto research strategist at 21Shares:

2021 has seen Bitcoin make extraordinary progress. With the debut of spot Bitcoin ETFs, the election of a pro-cryptocurrency government, and specifically Trump’s selection of Paul Atkins as SEC chair, proposals for crypto-friendly laws, and an increased rate of growth in the cryptocurrency market, BTC has more than doubled – all within just ten months. This surge in momentum has propelled Bitcoin beyond $100K. This achievement is expected to draw a fresh influx of investors, as those who had been hesitant about digital assets are now re-entering the market due to this groundbreaking milestone.

James Van Straten, senior analyst at CoinDesk:

2024 marked a significant turning point for Bitcoin in my perspective as a researcher. Remarkably, we’ve observed the record-breaking launch of an ETF that has outshone all others before it. Furthermore, MicroStrategy made history with the largest at-the-market offering ever, worth a staggering $21 billion. The trend continues as more publicly traded companies are opting to issue convertible notes for Bitcoin acquisition. When Bitcoin surpassed the $10,000 mark, I thought the financial capital markets would be forever altered. While my prediction was slightly premature, I am confident that a price of $100,000 is more than achievable.

Financial Times AlphaVille:

Despite bitcoin’s current price surpassing $100,000, it seems many people believe we owe them an apology due to our persistent skepticism. So, here’s our apology: We apologize if you decided against purchasing bitcoin based on our previous coverage and found its value increasing. It feels good when your investment grows. And we apologize if you took our crypto cynicism as a sign of support for traditional finance, because we share the same dislike for it too.

Allen Farrington, author/venture capitalist:

“In purely psychological terms, there is now no rational price between this and gold parity.”

Preston Byrne, managing partner, Byrne & Storm:

The cost serves as a signal, not an ultimate truth. Historically, increasing the number of digits in the price has psychological and symbolic importance, but it doesn’t make a difference to my daily life whether it’s 90k, 70k, or 50k. A growing price suggests that the broader markets are increasingly agreeing with long-term cryptocurrency enthusiasts’ theories to a considerable extent.

Des Dickerson, CEO of Thundr Games:

Reaching $100K for Bitcoin signifies more than just a financial threshold; it symbolizes its increasing use and robustness. This significant milestone emphasizes Bitcoin’s immense potential as the cornerstone of a new epoch for effortless, worldwide digital transactions. It serves as a beacon to the world that we are constructing on a reliable, transformative technology destined for longevity. It represents a fusion of optimism and acknowledgment of Bitcoin’s unique value proposition as the most secure, decentralized, and globally accessible digital asset. Next year, its trajectory might experience some ups and downs, but I am aiming high—$200k—en route to a future goal of $1M!

Andy Baehr, Managing Director at CoinDesk Indices: The CoinDesk Bitcoin Price Index reached 100,000 at exactly 9:33 pm and 41 seconds, with the All-Time High of 103,633.70 achieved by 10:08:42. Among blockchain assets, bitcoin is expected to gain the least from regulatory improvements due to its wide availability in the US and globally. The surge in adoption momentum, fueled by positive sentiment and a mention by Fed Chair Powell, encourages more investors to join. Optimism about improved and dedicated regulatory agencies has boosted “future-of-finance” blockchain assets.

The CoinDesk 20 Index has doubled since the day before Election Day, with 10 of its 20 constituents doubling (or more) this year. In the future, bitcoin will become a standard asset class, and its narrative will separate from other blockchain assets as everyday activities benefit from improvements. Ethereum‘s role as a clearinghouse for significant on-chain activity will become clearer. The CoinDesk 20 names, both current and upcoming, are poised to capitalize on improved support and regulatory clarity.

“A movement that started with a few people inspired enough or pissed off enough to give up their free weekends and evenings has taken over earth in a few short years. Bitcoin continues to be the most interesting story on the planet, and now it’s headed for the moon.”

Cory Klippsten from Swan Bitcoin points out that the price surpassing $100,000 highlights bitcoin’s robustness and emphasizes its function as a digital form of wealth storage.

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2024-12-05 21:23