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This Wednesday, the price of Bitcoin surpassed $100,000 for the first time, reaching a new historical record. The world’s largest cryptocurrency has experienced a significant boost due to the expectations surrounding the policies that U.S. President-elect Donald Trump may adopt, as he has shown a more favorable stance toward cryptocurrencies.
This milestone was achieved just hours after Trump announced his intention to nominate former SEC Commissioner Paul Atkins to lead the Wall Street regulator. Atkins is seen as much more cryptocurrency-friendly than the current SEC chair, Gary Gensler.
The surpassing of the $100,000 mark has sparked celebrations among cryptocurrency enthusiasts. Despite Bitcoin’s historical volatility, its followers react with euphoria when the price exceeds records while remaining resilient during its downturns.
However, this milestone was especially anticipated, with memes, charts, and predictions circulating on social media for weeks.
Millions of people followed Bitcoin’s fluctuations, and virtual parties were even organized to watch the cryptocurrency reach the $100,000 mark. This price is now one of the main indicators of optimism in the cryptocurrency world, whose total capitalization is estimated at $3.3 trillion, according to CoinMarketCap.
Trump’s election victory was the main catalyst for this latest surge. The president-elect has promised to make the U.S. "the crypto capital of the planet." This rise has been dizzying: since election day, Bitcoin's value has increased by 40%, and since the beginning of the year, it has more than doubled.
Although Bitcoin remains a highly volatile asset, its history has been a whirlwind of events and characters, some as mysterious as its anonymous creator Satoshi Nakamoto, and others as dramatic as the collapse of major cryptocurrency empires. Below, we review the seven most impactful moments in Bitcoin's history so far.
1. The Mysterious Creator: Satoshi Nakamoto
Despite Bitcoin’s immense popularity, the mystery of its creator, Satoshi Nakamoto, persists. In 2008, Nakamoto published the famous whitepaper that introduced the concept of Bitcoin but never revealed their identity. Numerous attempts to uncover who is behind the pseudonym have been unsuccessful, such as the case of Dorian Nakamoto, who was mistakenly identified as the creator in 2014, or the Australian Craig Wright, who claimed to be Satoshi in 2016, although a court ruled that he was not.
2. Bitcoin Pizza
One of the most iconic moments in Bitcoin's history occurred on May 22, 2010, when Laszlo Hanyecz paid 10,000 bitcoins for two pizzas. This historic transaction is considered the first real use of Bitcoin as currency. If Hanyecz had held on to those bitcoins instead of spending them on pizza, today those 10,000 BTC would be worth billions of dollars.
3. El Salvador: The First Country to Adopt Bitcoin as Legal Tender
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, a move that generated both enthusiasm and controversy. While it was hoped that the measure would promote investment and reduce transaction costs, Bitcoin adoption was not as widespread as anticipated. Despite the challenges, President Nayib Bukele continues to bet on cryptocurrency, even investing in the creation of a "Bitcoin City" and accumulating large reserves of BTC.
4. The Rise and Fall of Bitcoin Mining in Kazakhstan
In 2021, Kazakhstan became one of the main destinations for Bitcoin mining due to its cheap electricity. However, the mining boom overloaded the country’s energy infrastructure, causing power outages and leading the government to impose restrictions. Within just one year, the country went from being a paradise for miners to a declining region for the industry.
5. The Lost Hard Drive: Bitcoin in the Trash
James Howells, a resident of Wales, lived a nightmare when he accidentally discarded a hard drive containing 8,000 Bitcoins. Despite offering part of his fortune to the city of Newport if they allowed him to search the landfill, the local government denied his request. That hard drive, which wasn’t worth much at the time, would now be valued at over $100 million.
6. The Collapse of FTX and the Sam Bankman-Fried Case
Sam Bankman-Fried, the founder of the cryptocurrency platform FTX, was one of the most well-known and respected figures in the cryptocurrency world until his empire collapsed in November 2022. FTX, valued at $32 billion, was accused of mismanaging funds and committing fraud, leading to Bankman-Fried’s arrest and conviction on financial crimes.
7. Institutional Investment: Major Banks Back Bitcoin
Despite its volatility, Bitcoin continues to attract attention from large financial institutions. In 2024, giants such as BlackRock, Fidelity, and Grayscale have begun offering Bitcoin-related investment products, such as Bitcoin spot ETFs. This adoption by investment banks has contributed to Bitcoin’s price reaching new highs, solidifying it as a recognized investment asset.
Bitcoin continues to evolve, and its history is filled with impactful moments and unexpected twists. As its price reaches new peaks, the cryptocurrency continues to attract both investors and critics, while its future remains uncertain. The only certainty is that, just like its creation, Bitcoin's story is far from over.
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