After BTC hit $100,000, growing from zero to $2 trillion in a decade and a half, CoinDesk rounded up reactions — from believers and skeptics — to the milestone.
Updated Dec 5, 2024, 7:35 p.m. UTCPublished Dec 5, 2024, 5:44 p.m. UTC
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.
But as the expression goes, they saved the best for last: In the waning days of the year, bitcoin (BTC) hit six digits for the first time.
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.
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, Celsius and the Terra-Luna 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.
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.
Whether it’s long-term believers, newly converted enthusiasts or even heads of state, many are taking victory laps — and longtime skeptics and permabears are coping.
Here’s what prominent people are saying about BTC hitting $100,000:
Donald Trump, U.S. president-elect:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!
Mike Novogratz, CEO of Galaxy:
“$100,000 Bitcoin. A milestone that represents more than price—it’s 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.”
Peter Schiff, prominent gold and stock investor, and bitcoin skeptic: “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.”
Brian Armstrong, CEO of Coinbase: “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.”
Anthony Pompliano, founder & CEO of Professional Capital Management:
“What an epic milestone.
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