Bitcoin Surpasses $100K Milestone

Bitcoin has achieved a historic milestone, surpassing the $100,000 mark for the first time on December 5th, 2024. 

The journey to this monumental level highlights not only Bitcoin's resilience and adoption but also the polarizing perspectives surrounding its ascent.

Celebration from Believers

Prominent Bitcoin advocates and investors flooded social media with jubilant posts, marking this achievement as a testament to Bitcoin's growing importance on the global stage. 

Among the most notable:

• Samson Mow, CEO of JAN3 (@Excellion): “A wise man once said, ‘after we hit $100k, it’s smooth sailing to $1.0M.’ Global #Bitcoin FOMO begins now. Plan accordingly.”

• Michael Saylor, Founder of MicroStrategy (@saylor): “There is going to be a 100K Party. 🚀”

• Lyn Alden (@LynAldenContact): “Of course Bitcoin had to hit $100k in the middle of the night Cairo time so I’d miss it. Just woke up to a million notifications instead.”

These posts reflect the excitement among long-time proponents who view $100,000 as a stepping stone toward even greater price discovery.

Skepticism from the Bears

The milestone also serves as a humbling moment for skeptics and naysayers who dismissed the possibility of Bitcoin reaching six figures. 

A review of past bearish comments reveals stark contrasts in sentiment:

• Satsdart (@satsdart): “I expect the reversal to start very soon, and December to be a bearish month, where some moves could be fully retraced.”

• Nostra, House of Gold (@Nostre_damus): “You know how I know that Bitcoin is not going to $100k? Because everyone thinks it's a sure bet. Never works out that way.”

• Peter Schiff (@PeterSchiff): “Keep dreaming. Bitcoin is never going to hit $100,000!”

• Marques Brownlee (@MKBHD): “How hard is Bitcoin going to plummet once it touches 100K?”

Additionally, The Great Martis (@great_martis), not only dismissed the possibility of Bitcoin reaching $100K but claimed to have positioned himself for a major short:

Lessons in Market Dynamics

For Bitcoin, 2024 was a transformative year, with gains of over 125% fueled by factors such as:

1. Institutional Interest: Over $31 billion in net inflows into U.S.-based spot Bitcoin ETFs.
2. Supply Reduction: The April halving reduced new Bitcoin supply, intensifying scarcity.
3. Corporate Adoption: Companies like MicroStrategy continued accumulating Bitcoin.
4. Political Tailwinds: President-elect Donald Trump’s pro-Bitcoin regulatory nominations spurred optimism.

Bitcoin's $100,000 milestone highlights the danger of dismissing innovation, as skeptics underestimated its resilience in a rapidly evolving macroeconomic landscape, proving that with Bitcoin, the extraordinary is always possible.