Bitcoin Crosses $100K: A Historic Milestone
For the first time, Bitcoin has crossed the $100,000 mark, setting a new all-time high. The world’s most famous cryptocurrency hit this milestone following optimism surrounding U.S. President-elect Donald Trump’s crypto-friendly stance and proposed policies. His decision to nominate pro-cryptocurrency advocate Paul Atkins as SEC head has further fueled Bitcoin’s surge, with its value now representing a 40% rise since Election Day.
But Bitcoin’s story is more than just numbers. It’s a rollercoaster of innovation, mystery, and drama. Let’s dive into the seven wildest moments in Bitcoin’s history.
1. The Mystery of Satoshi Nakamoto
Despite its prominence, the identity of Bitcoin’s creator remains unknown. Using the pseudonym Satoshi Nakamoto, the inventor outlined Bitcoin’s peer-to-peer system in 2008. Over the years, several individuals, including Craig Wright and Peter Todd, have claimed to be Satoshi, but none have been proven.
2. The First Bitcoin Purchase: Pizza Day
In May 2010, Lazlo Hanyecz made history by buying two pizzas for 10,000 Bitcoin, worth $41 at the time. Today, those coins would be valued at over $1 billion. The event is commemorated annually as Bitcoin Pizza Day.
3. Bitcoin Becomes Legal Tender
El Salvador became the first country to adopt Bitcoin as legal tender in 2021. While the move was controversial, it aimed to boost investment and reduce remittance costs. Although Bitcoin adoption remains limited in the country, the value of El Salvador’s Bitcoin holdings has recently surged.
4. Kazakhstan’s Mining Boom and Bust
In 2021, Kazakhstan became a hub for Bitcoin mining due to its cheap electricity. However, the influx strained the nation’s power grid, leading to increased regulation and a swift industry decline.
5. The Lost Bitcoin Fortune
James Howells of Wales accidentally discarded a hard drive containing Bitcoin worth over $100 million. Despite his offers to share the recovered wealth, local authorities have denied him access to the landfill.
6. The Fall of the Crypto King
Sam Bankman-Fried, founder of FTX, lost billions as his cryptocurrency empire collapsed amidst fraud allegations. Once valued at $32 billion, his downfall underscores the risks in the crypto world.
7. Institutional Embrace
Major financial firms, including Blackrock and Fidelity, now offer Bitcoin-backed investment products, further legitimizing cryptocurrency as an asset class. This institutional interest has significantly contributed to Bitcoin’s recent price surge.
The Road Ahead for Bitcoin
Bitcoin’s $100,000 milestone marks a significant achievement, but its history suggests many more twists are ahead. From pizza transactions to institutional adoption, Bitcoin’s journey is one of resilience, innovation, and unpredictability.
External Link: Explore the full story on BBC
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