{"id":810651,"date":"2024-12-07T10:18:01","date_gmt":"2024-12-07T16:18:01","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/07\/bitcoin-at-100k-the-financial-world-reacts\/"},"modified":"2024-12-07T10:18:01","modified_gmt":"2024-12-07T16:18:01","slug":"bitcoin-at-100k-the-financial-world-reacts","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/07\/bitcoin-at-100k-the-financial-world-reacts\/","title":{"rendered":"Bitcoin at $100K: The Financial World Reacts"},"content":{"rendered":"
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After BTC hit $100,000, growing from zero to $2 trillion in a decade and a half, CoinDesk rounded up reactions \u2014 from believers and skeptics \u2014 to the milestone.<\/h2>\n

Updated Dec 5, 2024, 7:35\u202fp.m. UTC<\/span>Published Dec 5, 2024, 5:44\u202fp.m. UTC<\/span><\/p>\n<\/div>\n

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There were many crypto firsts in 2024: the first spot bitcoin ETF, the first spot ether ETF, the first time a pension fund invested in the asset class.<\/p>\n

But as the expression goes, they saved the best for last: In the waning days of the year, bitcoin (BTC<\/a>) hit six digits for the first time.<\/p>\n

The cryptocurrency surged past the $100,000 mark early Thursday UTC time, mushrooming from zero value into a $2 trillion asset in a little over a decade and a half.<\/p>\n

It’s a milestone that was difficult to imagine not long ago. Just two years ago, the entire cryptocurrency space was reeling from the cataclysmic implosions of FTX<\/a>, Celsius<\/a> and the Terra-Luna<\/a> ecosystem. In the eyes of the general public, a toxic cloud hung over the whole industry. Bitcoin sank to around $15,000 and, to many mainstream observers, was wheezing in its final breaths.<\/p>\n

Now, bitcoin has soared more than 500% from the desperate days of November 2022 when Sam Bankman-Fried’s empire collapsed. A big difference between prior boom-bust cycles: Wall Street is firmly participating in this year’s rally. The newly approved ETFs have lured institutions. Salesforces at mighty traditional financial giants like BlackRock are hawking crypto-related products. The soon-to-be U.S. president, Donald Trump, supports bitcoin and digital assets; he even has a DeFi project<\/a>.<\/p>\n

Whether it\u2019s long-term believers, newly converted enthusiasts or even heads of state, many are taking victory laps \u2014 and longtime skeptics and permabears are coping.<\/p>\n

Here’s what prominent people are saying about BTC hitting $100,000:<\/p>\n

Donald Trump<\/a>, U.S. president-elect:<\/strong><\/p>\n

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU\u2019RE WELCOME!!!<\/p>\n

Mike Novogratz<\/a>, CEO of Galaxy:<\/strong><\/p>\n

“$100,000 Bitcoin. A milestone that represents more than price\u2014it\u2019s proof of adoption, belief, and a community that has carried this revolution from 0 to 100. With world leaders leaning in and a generational wealth shift underway, this is just the beginning.”<\/p>\n

Peter Schiff<\/a>, prominent gold and stock investor, and bitcoin skeptic: <\/strong>“It’s ironic that bitcoin only hit $100K by buying off politicians and getting in bed with government. Without expected government intervention, this milestone never would have been hit. What couldn’t be done in a free market was achieved through the cohesive power of the state.”<\/p>\n

Brian Armstrong<\/a>, CEO of Coinbase: <\/strong>“If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000. If you kept the $100 USD you’d only be able to purchase about $73 worth of goods today. Bitcoin is the best performing asset of the last 12 years, and it’s still early days.”<\/p>\n

Anthony Pompliano<\/a>, founder & CEO of Professional Capital Management:<\/strong><\/p>\n

“What an epic milestone. \u2026 Bitcoin continued to be highly volatile, it went up a lot and it went down a lot too. There\u2019s been multiple 30%, 50% or 90% drawdowns. That type of volatility would usually scare off many people. \u2026 It was one of the greatest selfless acts that I can think of.”<\/p>\n

Nayib Bukele, president of El Salvador<\/strong><\/p>\n

He posted<\/a> a screenshot of El Salvador\u2019s bitcoin portfolio, then the “it ain\u2019t much but it\u2019s honest work” meme<\/a> after Elon Musk called it impressive.<\/p>\n

Joel Kruger, market strategist at LMAX Group:<\/strong><\/p>\n

“We believe the Fed Chair\u2019s comparison of bitcoin to gold is a significant development as it introduces another level of credibility to bitcoin as a major asset in global markets. The fact that gold is still about 10 times larger than bitcoin should offer additional insight into how much more room there is for bitcoin to grow from current levels.”<\/p>\n

Matt Mena, crypto research strategist at 21Shares:<\/strong><\/p>\n

“Bitcoin has made unbelievable strides this year. Amid the launch of the spot bitcoin ETFs, election of a pro-crypto administration \u2014 and specifically Trump\u2019s recent appointment of Paul Atkins as SEC chair \u2014 proposals for crypto-friendly legislation, and accelerated growth in the crypto ecosystem, BTC has more than doubled \u2014 all in a span of 10 months. This momentum has pushed bitcoin past $100K. This milestone is likely to attract a new wave of investors, as many who had been sitting on the sidelines watching bitcoin’s ascent are now reengaging with digital assets, spurred by this historic breakthrough.”<\/p>\n

James Van Straten, senior analyst at CoinDesk:<\/strong><\/p>\n

“2024 has been an inflection point for bitcoin. We have witnessed the most successful ETF launch of all time. MicroStrategy issued the largest at-the-market offering in history of $21 billion. We are seeing more publicly traded companies issuing convertible notes in order to buy bitcoin. When bitcoin first broke $10,000, I thought the financial capital markets would change forever. I was slightly too early on my call. But $100,000 most definitely does.”<\/p>\n

Financial Times<\/a> AlphaVille:<\/strong><\/p>\n

“Nevertheless, with bitcoin\u2019s price recently crossing $100,000, a significant number of commenters seem to feel they deserve an apology in light of our longstanding cynicism, so here it is: We\u2019re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It\u2019s nice when your number goes up. And we\u2019re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.”<\/p>\n

Allen Farrington<\/a>, author\/venture capitalist:<\/strong><\/p>\n

“In purely psychological terms, there is now no rational price between this and gold parity.”<\/p>\n

Preston Byrne,<\/a> managing partner, Byrne & Storm:<\/strong><\/p>\n

“Price is an indicator, not an objective. This has always been the case and whilst adding another digit to the price is psychologically and symbolically significant, it is no more relevant to my day-to-day than 90k, 70k, or 50k before it. A rising price tells me [that] the wider markets are starting to also believe in longtime crypto believers’ thesis in a fairly significant way. … The expected end of the U.S. war on crypto business in the new year has driven a wave of optimism among current industry participants and new entrants. Regulatory normalization of crypto products in the world’s largest economy was always a necessary prerequisite for widespread global adoption, and now it looks like we’re going to get it.”<\/p>\n

Des Dickerson,<\/a> CEO of Thundr Games:<\/strong><\/p>\n

“Bitcoin hitting $100K is a milestone that represents more than just a price point \u2014 it\u2019s a testament to its growing adoption and resilience. It underscores the incredible potential of Bitcoin as the foundation for a new era of global, seamless digital payments. It’s a signal to the world that we’re building on solid, transformative technology that’s here to stay. It’s a perfect storm of hopium and recognition of Bitcoin’s value prop as the most secure, decentralized, and globally accessible digital asset. How far will the price go next year? It’s Bitcoin, so we should expect some bumps along the way. I am setting my sights on $200k, on our way to $1M!”<\/p>\n

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Andy Baehr<\/a>, managing director, CoinDesk Indices:
<\/strong>“It was a champagne moment, served at a champagne hour. At 9:33pm and 41 seconds, the CoinDesk Bitcoin Price Index read 100,000. By 10:08:42, the current ATH of 103,633.70 was hit. Among blockchain assets, bitcoin stands to gain the least from improvements to regulatory pavement. It has futures, ETFs, and options. It is available widely in the United States and around the world. Bitcoin’s adoption momentum<\/em>, bolstered by a thoughtful mention<\/a> by Fed Chair Powell and a news cycle rich with positive sentiment, helps more investors feel like they’ve waited long enough; it’s time to get involved. Optimism about better, more dedicated regulatory agencies and support have been a boon for “future-of-finance” blockchain assets.<\/p>\n

“The CoinDesk 20 Index has doubled since the day before Election Day, outpacing bitcoin. In fact, 10 of the 20 constituents in CoinDesk 20 have doubled (or better) this year. What lies ahead? Bitcoin becomes a staple, and its narrative will get detached from other blockchain assets, as improvements to everyday activities, financial and otherwise, proliferate. Ethereum’s status as a clearinghouse for the most important on-chain activity will take better shape. CoinDesk 20 names, current and future, will take advantage of improved support and regulatory clarity.”<\/p>\n

Nolan Bauerle<\/a>, host of the “American Bitcoin Citadels” podcast:<\/strong><\/p>\n<\/div>\n

“A movement that started with a few people inspired enough or pissed off enough to give up their free weekends and evenings has taken over earth in a few short years. Bitcoin continues to be the most interesting story on the planet, and now it\u2019s headed for the moon.”<\/p>\n

Cory Klippsten, Swan Bitcoin:
<\/strong>“The surge past $100,000 underscores bitcoin’s resilience and its role as a digital store of value.”<\/p>\n<\/div>\n

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Krisztian Sandor<\/a><\/h5>\n

Krisztian Sandor recently graduated from NYU’s business and economic reporter program as a Fulbright fellow and worked with Reuters and Forbes previously. Originally from Budapest, Hungary, he is now based in New York. He holds BTC and ETH.\n<\/p>\n

X icon<\/title><\/svg><\/a><\/svg><\/a><\/g><\/svg><\/a><\/p>\n<\/div>\n

\"Krisztian<\/a><\/p>\n<\/div>\n

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Helene Braun<\/a><\/h5>\n

Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk’s Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.<\/p>\n

X icon<\/title><\/svg><\/a><\/svg><\/a><\/g><\/svg><\/a><\/p>\n<\/div>\n

\"Helene<\/a><\/p>\n<\/div>\n

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James Van Straten<\/a><\/h5>\n

As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics. James specializes in daily monitoring of ETFs, spot, futures volumes, and flows to understand how Bitcoin interacts within the financial system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR) and Semler Scientific (SMLR).<\/p>\n

X icon<\/title><\/svg><\/a><\/g><\/svg><\/a><\/p>\n<\/div>\n

\"James<\/a><\/p>\n<\/div>\n

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Benjamin Schiller<\/a><\/h5>\n

Ben Schiller is CoinDesk’s managing editor for features and opinion. Previously, he was editor-in-chief at BREAKER Magazine and a staff writer at Fast Company. He holds some ETH, BTC and LINK. <\/p>\n

X icon<\/title><\/svg><\/a><\/g><\/svg><\/a><\/p>\n<\/div>\n

\"Benjamin<\/a><\/p>\n<\/div>\n

Read More<\/a>
\n Krisztian Sandor, Helene Braun, James Van Straten, Benjamin Schiller<\/p>\n","protected":false},"excerpt":{"rendered":"

After BTC hit $100,000, growing from zero to $2 trillion in a decade and a half, CoinDesk rounded up reactions \u2014 from believers and skeptics \u2014 to the milestone. Updated Dec 5, 2024, 7:35\u202fp.m. UTC Published Dec 5, 2024, 5:44\u202fp.m. UTC There were many crypto firsts in 2024: the first spot bitcoin ETF, the first<\/p>\n","protected":false},"author":1,"featured_media":810652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,534],"tags":[],"class_list":["post-810651","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-financial"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=810651"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/810652"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=810651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=810651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=810651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}