Bitcoin Price Surpasses $100K in Historic Milestone for Industry

• Bitcoin surpasses US$ 100 thousand – historic milestone.
• Trump and favorable regulations drive growth.
• Institutional adoption and investment on the rise.

In a historic milestone, the price of Bitcoin (BTC) hit the $100 mark per unit on Wednesday night, December 4, 2024.

Launched in 2009 by an individual or group under the pseudonym Satoshi Nakamoto, Bitcoin recently peaked at nearly $104, marking a gain of approximately 7% in a single day. At press time, the cryptocurrency was trading at $102.751, up 6% in the past 24 hours.

This achievement is largely attributed to the cryptocurrency-friendly approach taken by US President-elect Donald Trump, who has been an advocate for digital assets and has proposed regulations that benefit the sector.

Why Bitcoin is Rising Today

The cryptocurrency reached an all-time high of $100.000, buoyed by market confidence, which was boosted by news that Trump Media was in talks to acquire Bakkt, a popular cryptocurrency trading platform. Additional factors, such as the US Federal Reserve Chairman comparing Bitcoin to gold and Vladimir Putin endorsing the cryptocurrency as a reserve currency against the dollar, helped boost the largest cryptocurrency on the market.

Additionally, Howard Lutnick, Trump’s nominee for Commerce Secretary, is well-known for his support of cryptocurrencies, further contributing to Bitcoin’s rise. The recent launch of options trading on the iShares Bitcoin Trust, the largest Bitcoin exchange-traded fund, also played a crucial role in the price surge.

Analysts believe that the $100.000 mark represents the beginning of a transformative era for Bitcoin. They suggest that with continued support from the US government, growing institutional investment, and the possibility of wider adoption by sovereign nations, Bitcoin could reach even greater heights. This milestone is seen not only as a financial achievement, but also as a significant shift in Bitcoin’s role in the global economic and political landscape.

Throughout its history, Bitcoin has faced skepticism, with critics questioning its viability during periods of volatility. Phrases like “Bitcoin is literally worthless” and “RIP Bitcoin” have highlighted doubts about its long-term stability. However, this skepticism has served as a driving force for its evolution, challenging proponents to improve and refine the technology and cementing its place in financial history.

Since Trump’s election victory, the cryptocurrency market has been on an upward trend, with Bitcoin leading the way. The expectation of a more favorable regulatory environment under the new administration has attracted both retail and institutional investors.

China’s top court recently recognized cryptocurrencies, including Bitcoin, as commodities with “property attributes” under Chinese law, allowing ownership, but continues to prohibit fundraising via tokens. This decision reflects selective support for blockchain for commercial purposes while maintaining strict limitations on the broader use of cryptocurrencies.