Bitcoin (BTC), the largest cryptocurrency by market cap, has shattered records, surpassing the $100,000 milestone for the first time. Trading at $102,705.80 as of now, Bitcoin’s surge has been fueled by optimism surrounding the election of Republican Donald Trump as U.S. President, with expectations of a favorable regulatory environment for digital assets.
Since Trump’s victory on November 5, Bitcoin’s value has soared by approximately 49%, driven by substantial capital inflows into the U.S.-based Bitcoin-backed exchange-traded funds (ETFs).
This rally marks one of the most significant moments in the cryptocurrency’s history, drawing widespread attention from both retail and institutional investors.
Industry Leaders React
The milestone has sparked celebrations across the cryptocurrency community. Jesse Powell, co-founder and chairman of Kraken exchange, retweeted an old prediction about Bitcoin hitting $100,000, captioning it, “It’s time.”
Cameron and Tyler Winklevoss, founders of the Gemini exchange, also took to X (Twitter) to express their excitement. Cameron described the moment as unforgettable, stating, “Bitcoin breaking $100k is one of those moments that people will remember for the rest of their lives.”
Tyler echoed this sentiment with a playful historical comparison, writing, “The Moon landing, the fall of the Berlin Wall, Bitcoin breaks $100k…”
Binance CEO Changpeng Zhao (CZ) used humor to celebrate the occasion. CZ mocked an old tweet from economist Peter Schiff, who had once claimed that Bitcoin would never reach $100,000. CZ quipped, “Don’t dream. Keep building!
Other notable figures, such as the co-founder and CEO of Bybit, joined the celebrations, emphasizing the significance of this milestone for the crypto industry.
Expert Insights
Market analysts and experts have shared their thoughts on Bitcoin’s meteoric rise. Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, attributed the rally to institutionalization within the industry, particularly through ETF inflows.
“At the end of the day, it’s just a number,” Kendrick noted, “but the reality is we’ve been able to get to this level because the industry has become institutionalized this year,” Reuters reported.
Tony Sycamore, an analyst at IG in Sydney, described the event as a catalyst for further momentum, predicting Bitcoin could reach $105,000 soon, with $120,000 likely by 2025.
Kyle Rodda, Senior Financial Market Analyst at Capital.com, highlighted the broader implications of the milestone. “It’s a massive milestone for the true believers and possibly evidence of the asset’s legitimization,” Rodda said. He added that factors like reduced regulatory risks, demand for non-fiat assets, and geopolitical uncertainties could push prices even higher.
The Road Ahead
Bitcoin’s record-breaking achievement underscores its resilience and growing acceptance as a legitimate financial asset. With reduced regulatory hurdles, increasing institutional adoption, and a supportive political environment, many believe this is just the beginning of Bitcoin’s next chapter.
The milestone cements Bitcoin’s position as the king of cryptocurrencies and signals the potential for continued growth as global investors embrace its promise of decentralised finance.