A month after Donald Trump’s victory in the U.S. elections, Bitcoin (BTC) has crossed the much-anticipated $100K mark, briefly touching $103,000. The crypto community is celebrating this ‘Early Christmas,’ and industry veterans have weighed in with their insights. Coinbase CEO Brian Armstrong highlighted Bitcoin’s remarkable performance over the past decade, calling it the best-performing asset of the last 12 years.
Crypto Industry Reactions on Bitcoin crossing 100K
Armstrong took to X (formerly Twitter) to celebrate “Happy Bitcoin $100K Day.” He noted, “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.” He also urged governments to create a Bitcoin strategic reserve, especially for hedging against inflation.
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… pic.twitter.com/dvBgX5K7or
— Brian Armstrong (@brian_armstrong) December 5, 2024
Jay Jacobs, BlackRock’s U.S. head of thematic and active ETFs, emphasized the growing institutional interest. He noted that BlackRock’s Bitcoin ETF (IBIT) has grown to over $45 billion since its launch in January, with $4.1 billion added in the past month alone. Jacobs attributed the surge to both Trump’s election victory and the increasing perception of Bitcoin as a hedge against geopolitical risks and currency depreciation.
Not just this, #Bitcoin100K and #BTC100K have been trending on X since this morning.
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Bitcoin at $102,000: Market Impact
Currently trading at $102,616 after a 7% surge, Bitcoin first broke through the $100K threshold shortly after Trump nominated Paul Atkins as the new U.S. Securities and Exchange Commission (SEC) Chair. Atkins, who served as an SEC commissioner during President George W. Bush’s term, has expressed support for a more relaxed regulatory approach to the crypto industry.
This milestone has pushed Bitcoin’s market value to nearly $2 trillion, making it the seventh most valuable asset globally. If the trend continues, Bitcoin could surpass Alphabet (Google), which has a market cap of $2.144 trillion. Bitcoin’s market value now exceeds the government bond markets of countries like Spain and Brazil and rivals the entire FTSE 100 Index—the top 100 companies on the UK stock market.
Great day for #bitcoin and digital property rights! Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world.
— Cathie Wood (@CathieDWood) December 5, 2024
Thanks to the surge, Bitcoin is currently the 10th largest currency in the world, and 12th largest country by value.
Record Breaking Crypto Market Cap
According to Coingecko data, the total cryptocurrency market cap has reached a record $3.868 trillion, marking a 24-hour increase of 3.8%.
Is Bitcoin Still a Volatile Asset?
While crypto enthusiasts celebrate, some experts caution that Bitcoin remains a risky and volatile investment. Bryan Armour, head of passive strategy research at Morningstar, attributes the recent surge to optimism about crypto-friendly policies under Trump. However, he warns that Bitcoin’s price could fall if Trump struggles to deliver on his promises.
“As long as the market narrative remains positive, Bitcoin has room to grow. But campaign promises don’t always come true. Bitcoin remains a highly volatile asset,” Armour concluded.
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Also Read: Bitcoin Will Have $280T Marketcap by 2045: Michael Saylor
