Bitcoin Soars Past $100,000 for the First Time Ever
A neon sign outside the Paralelni Polis project in Prague, Czech Republic, signals that Bitcoin is accepted within the venue, a hub for art, social sciences, and modern technology.
For the first time in its history, the price of Bitcoin has surpassed the coveted $100,000 benchmark, reaching a high of $102,485.78 on Thursday morning. The flagship cryptocurrency has risen by more than 3% in early trading, according to Coin Metrics, and is now up over 140% in 2024 and 48% since the U.S. presidential election.
The move follows President-elect Donald Trump’s announcement that he plans to nominate Paul Atkins as chair of the Securities and Exchange Commission, a move that has lifted spirits in the crypto community. Trump’s nomination is seen as a positive development for the industry, as it is expected to bring more regulatory clarity and potentially even lead to the establishment of a national strategic Bitcoin reserve or stockpile.
The news has sent Bitcoin investors into a frenzy, with longtime holders of the cryptocurrency celebrating their patience and foresight. The move also comes as institutional investors such as BlackRock, Fidelity, and Invesco have launched spot Bitcoin ETFs, helping to drive demand and drive prices higher.
Federal Reserve Chair Jerome Powell recently described Bitcoin as “just like gold only it’s virtual, it’s digital,” saying that it is not a competitor for the dollar but rather a competitor for gold. Mike Novogratz, CEO of Galaxy Digital, believes that we are witnessing a paradigm shift, with Bitcoin and the entire digital asset ecosystem poised to enter the financial mainstream.
While there is always a risk of volatility in the cryptocurrency market, Novogratz remains bullish on Bitcoin’s long-term prospects, stating that “it won’t be a straight line up, and investors should always consider taking gains off the table. But, with a pro-crypto administration about to take charge in the U.S., it’ll be hard for the rest of the world not to take notice.”
