Bitcoin has reached a historic milestone by surpassing the $100,000 mark for the first time.
The surge in value is largely attributed to optimism that US President-elect Donald Trump will implement policies favourable to cryptocurrencies.
The record was set shortly after Trump announced his intention to appoint former SEC commissioner Paul Atkins, known for his pro-cryptocurrency stance, to lead the SEC, replacing the current head, Gary Gensler.
The $100,000 milestone sparked celebrations among cryptocurrency enthusiasts worldwide. Bitcoin’s volatile nature has always drawn attention, with supporters celebrating its peaks and remaining hopeful during downturns.
This particular milestone had been eagerly anticipated, with social media abuzz with charts, memes, and predictions about when Bitcoin would hit this significant figure. Millions even watched online as the price neared $100k.
Bitcoin’s value is a key indicator of sentiment in the cryptocurrency industry, which is now valued at approximately $3.3 trillion, according to Coin Market Cap. Trump’s recent election victory has been a major catalyst for the latest price surge.
The president-elect has pledged to make the US “the crypto capital of the planet,” a significant shift from his 2021 stance when he labeled Bitcoin a “scam.” The $100k valuation represents a 40% increase since the US election day and more than double its price at the start of the year.
Despite Bitcoin’s dramatic price fluctuations, its story is rich with intrigue, from its mysterious creator to the downfall of prominent figures in the crypto world. Bitcoin’s origins trace back to 2008 when someone using the pseudonym Satoshi Nakamoto proposed a peer-to-peer digital cash system.
This system allowed people to send virtual coins over the internet as easily as sending an email. Satoshi developed a complex network of volunteers using specialized software and powerful computers to process transactions and create new coins. However, Satoshi’s true identity remains unknown.
Bitcoin now supports a multi-trillion-dollar cryptocurrency industry, but its first recorded transaction was the purchase of pizza. In September 2021, El Salvador’s President Nayib Bukele made Bitcoin legal tender.
In the same year, Kazakhstan emerged as a hub for Bitcoin mining, a process involving extensive computational work to validate transactions and generate new bitcoins. Today, mining requires vast warehouses filled with cutting-edge computers running continuously, rewarding participants with newly minted bitcoins.
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