Bitcoin Hits a Milestone: $100,000

Bitcoin Hits a Milestone: $100,000

A New York Times article

A single Bitcoin has surged past the $100,000 mark for the first time, a staggering achievement for a 16-year-old cryptocurrency once dismissed as a fringe experiment.

In 2010, Laszlo Hanyecz, a pioneer in the cryptocurrency space, made history by using Bitcoin to purchase two pizzas from Papa John’s. The cost? A mere 10,000 Bitcoins, equivalent to roughly $40 at the time. This seemingly insignificant transaction has now become the most expensive pizza order in history.

As of Wednesday, the value of a single Bitcoin has skyrocketed to over $100,000. This extraordinary milestone underscores the remarkable journey of a financial asset that was once ridiculed as a passing trend.

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Bitcoin has emerged as one of the most lucrative investments of the past two decades. The total market capitalization of all Bitcoins in circulation exceeds $2 trillion, surpassing the combined value of industry giants like Mastercard, Walmart, and JPMorgan Chase.

The diverse group of hackers and political activists who embraced this Cryptocurrency in its early days, when it was the brainchild of an anonymous coder, have reaped enormous rewards, becoming multi-millionaires. The cryptocurrency’s influence has extended far beyond its origins, giving rise to a thriving industry dominated by publicly traded companies such as Coinbase and garnering endorsements from celebrities, athletes, and even the president-elect.

During his campaign, Donald J. Trump positioned himself as a Bitcoin advocate, pledging to establish a federal Bitcoin reserve, a move that could potentially drive the cryptocurrency’s price to even greater heights.

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