Why Is Bitcoin at 100K?

The big day is here. What got us here and how long might the market stick around this major milestone?

Crypto industry is overjoyed as Bitcoin breaks above 100K. It has been a long journey to this monumental mark that has been called by multiple people over time and even criticized by key figures like Peter Schiff, but why now?

It Was Long in Play?

Bitcoin hitting the $100K mark was almost a given deal. The technology behind Bitcoin has proved itself that as long as there are those who want to break free from the shackles of traditional finance, Bitcoin will always have a demand and value.

Multiple world leaders have spoken about it with some recently sparking a lot of public interest. US incoming President, Trump, campaigned on the back of crypto and in particular Bitcoin. He sparked interest and the coin rose up from $50K levels as soon as he won re-election campaigns on November 6.

The coin gained momentum almost breaching the $100K mark but didn’t prove strong enough at the time. Earlier this week, SEC Chair Gary Gensler made a press release stating that he would indeed be resigning from his post come January when President Trump takes the oath of office. Gensler has been a thorn for the crypto industry as he has almost weaponized his office against the industry.

In his time, Gensler has fined over $100B from crypto companies whilst not introducing any binding crypto governing rules, a method of enforcement that has demoralized many people. Luckily President Trump has nominated Paul Atkins as the replacement to Gary Gensler. This news has sparked new interest in the coin which could explain the growing demand and price.

What’s the Next Play

Bitcoin just hit $0.1M, that’s a notable figure right? Maybe, at the moment, Bitcoin has a total marketcap of $2.02T . That means for it to hit the $1M mark, it would need to increase its market capitalization by ten times and go to over $20T. That would make it the most valuable asset on the planet.

While that seems a little out of range, it is also very close in range if zoomed out over time. Micro Strategy’s Michael Saylor, whose Bitcoin investment project currently sits at $18B unrealized profits in Bitcoin, has called for a $280 T marketcap by 2045.

At the same time, Bitcoin’s beloved cryptographer, Adam Back has echoed Hal Finney’s words that $200T market cap for Bitcoin is a foreseeable future that not only increases the coin's value but maintains and improves its security as hash rate climbs.

Do you think that’s in play? Keep in touch for updates.