Bitcoin surges past $100k for first time

Bitcoin, a leading form of digital currency, has recently achieved a remarkable milestone by surpassing the $100,000 mark for the first time. This significant increase in value has been largely attributed to the anticipation surrounding the policies of the newly elected US President, Donald Trump, who is expected to be more supportive of cryptocurrencies. The surge in Bitcoin's price occurred shortly after Trump announced his intention to nominate Paul Atkins, a former commissioner of the Securities and Exchange Commission (SEC), to lead the regulatory body. Atkins is perceived as being more favorable towards cryptocurrencies compared to the current SEC chair, Gary Gensler. The crossing of the $100,000 threshold has sparked celebrations among cryptocurrency enthusiasts worldwide. Bitcoin's price has always been known for its volatility, with supporters expressing both joy and defiance in response to its fluctuations. However, this particular milestone has been especially anticipated, with numerous discussions, memes, and predictions circulating on social media about when Bitcoin would reach this coveted figure. Many fans even tuned in to online watch parties as the price approached the $100,000 mark. The value of a single Bitcoin serves as a key indicator of optimism within the cryptocurrency industry, which is now estimated to be worth approximately $3. 3 trillion, according to Coin Market Cap. Trump's election victory last month has been a catalyst for this latest surge in Bitcoin's value. The president-elect has expressed his desire to position the US as the 'crypto capital of the world,' a significant shift from his previous stance in 2021 when he referred to Bitcoin as a 'scam. ' The remarkable rise in Bitcoin's price is evident, as it represents a 40% increase since election day and more than double its value at the beginning of the year. However, Bitcoin's story is not solely about its fluctuating price. It is a narrative filled with intrigue, including the mystery surrounding its creator and the rise and fall of various figures within the cryptocurrency space. Here are some of the most notable moments in Bitcoin's tumultuous history. Firstly, the true identity of Bitcoin's creator remains a mystery. The concept of Bitcoin was introduced in 2008 by an individual or group using the pseudonym Satoshi Nakamoto. They outlined a peer-to-peer digital cash system that would allow individuals to send virtual coins over the internet, similar to sending an email. Satoshi developed a complex computer system that facilitated transactions and generated new coins through a vast network of volunteers worldwide who utilized specialized software and powerful computers. However, Satoshi's true identity has never been revealed, leading to much speculation. In 2014, a Japanese-American man named Dorian Nakamoto was mistakenly identified as Bitcoin's creator, but this turned out to be a false lead due to mistranslated information. In 2016, Australian computer scientist Craig Wright claimed to be Satoshi, but after years of legal disputes, a High Court judge determined that he was not the true creator. More recently, a Canadian Bitcoin expert and a British man have also claimed to be Satoshi, but the mystery remains unsolved. Another significant moment in Bitcoin's history occurred when the first recorded transaction using Bitcoin took place. On May 22, 2010, a programmer named Lazlo Hanyecz made history by purchasing two pizzas for $41 worth of Bitcoin. This event is now celebrated as 'Bitcoin Pizza Day' and serves as a reminder of Bitcoin's potential to be used for real-world transactions. However, if Lazlo had held onto his Bitcoin instead of spending it, he would now be worth hundreds of millions of dollars. In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, requiring businesses to accept it alongside the US dollar. This move attracted attention from Bitcoin enthusiasts and tourists, but it did not gain the popularity that President Nayib Bukele had hoped for. Despite his efforts to promote Bitcoin, the US dollar remains the dominant currency in the country. President Bukele has also controversially purchased over 6,000 Bitcoins in an attempt to boost his country's economy. In Kazakhstan, Bitcoin mining became a booming industry, with many companies relocating there due to the availability of cheap electricity. However, the rapid influx of miners strained the country's electricity grid, leading the government to impose restrictions and increased taxes on mining operations. The environmental impact of Bitcoin mining has also raised concerns, as the network consumes as much electricity as a small country. Additionally, there are stories of individuals losing access to their Bitcoin fortunes. One such case involves James Howells, who lost a hard drive containing his Bitcoin wallet worth over $100 million in a landfill. Despite his offers to donate a portion of his wealth to local charities, the local council has refused to allow him to search for the lost device. Lastly, the story of Sam Bankman-Fried, once known as the 'Crypto King,' highlights the risks associated with the cryptocurrency market. The founder of the FTX exchange, which allowed users to trade Bitcoin, saw his empire crumble when it was revealed that he had been mismanaging funds. After being arrested and extradited to the US, he was found guilty of fraud and money laundering. Despite the challenges and controversies surrounding Bitcoin, it continues to attract interest from investors and major companies. In January 2024, several prominent financial firms began adding Bitcoin to their official asset lists, marking a significant milestone for the cryptocurrency. Many believe that Bitcoin is finally being recognized as a legitimate asset, as envisioned by its mysterious creator, Satoshi Nakamoto. As the story of Bitcoin unfolds, it is likely that more exciting developments and moments will emerge in the future.