Defying fiat currencies, naysayers, and bear markets, bitcoin, the premier cryptocurrency, has recently reached a milestone by breaking the $100k mark for the first time in its history. Members of the bitcoin community celebrated this achievement, proclaiming that it is still early days for the asset.
Bitcoin Breaks $100K, Holders Celebrate Milestone
Bitcoin, the cryptocurrency born of the abuses of third-party financial institutions as an idea in a mailing list, recently reached an unbelievable goal, breaking the $100k level for the first time. The cryptocurrency community was quick to celebrate the achievement, mocking those who made fun of the ecosystem some time ago and feeling vindicated by this validation event.
Former Binance CEO Changpeng Zhao remembered a 2019 post from bitcoin permabear and gold bug Peter Schiff, where he proclaimed that bitcoin would never touch the $100k price mark. “Keep dreaming. Bitcoin is never going to hit $100,000!” Schiff’s post reads, remarking on his anti-bitcoin position of those days. “Don’t dream. Keep building!” Zhao declared, in opposition to Schiff’s views.
Brian Armstrong, who cofounded Coinbase in 2012 and has been at the top of the industry in the U.S. for a long time, highlighted the relevance of saving in bitcoin. “If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000,” he stressed while praising bitcoin as part of the global reserve asset.
He assessed:
Bitcoin is the best-performing asset of the last 12 years, and it’s still early days. Every government, especially those looking to create a hedge against inflation, should create a Bitcoin strategic reserve.
Michael Novogratz, CEO of Galaxy Investments, explained that the achievement was of the whole community rallying behind the idea of an alternative asset. “A 2 trillion dollar asset in 15 years coming out of a guy’s idea is pretty stinking spectacular,” Novogratz said.
Dennis Porter, CEO of the Satoshi Action Fund and supporter of cryptocurrency rights, also recognized this goal, but framed the event as part of a larger operation, affirming that bitcoin still has room for growth. “$100k was important, but just remember Bitcoin will at least hit $15,000,000 in your lifetime. It’s generational wealth. Even having a small fraction of a Bitcoin will be a huge deal,” Porter emphasized.
Even President-Elect Trump joined the joy of bitcoiners, congratulating the community for its milestone and reclaiming his part in this process. “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!,” he posted.
Read more: Trump Celebrates BTC’s $100K Milestone: ‘You’re Welcome,’ Says the President-elect
While the future is always uncertain, this year bitcoin seems to have cemented its place as part of investment portfolios and is being profiled as an international reserve asset in some nations.
