Author: Yohan Yun, CoinTelegraph; Compiled by: White Water, Golden Finance

Bitcoin was once regarded as a fringe asset for cypherpunks and technology enthusiasts, but it has continued to climb, from 1 in 2011 to The dollar rose to $1,000 in 2013 and has now reached the coveted six-digit mark in 2024.

Bitcoin’s rise shows that it has evolved from a curious experiment into a legitimate global financial asset.

But the journey to $100,000 is far from a field of green candles. Cryptocurrency has been declared “dead” countless times, but each time it has risen from the grave.

Mikko Ohtamaa, co-founder of algorithmic trading firm Trading Strategy, pointed out: "The past 10 years have been pure speculation. It is time to move from speculation to real-world utility."

The recent bull market stands out because of a few key differences.

Today, Bitcoin is not just another speculative asset – it is widely viewed as a safe haven, a hedge against inflation, and a recognized asset class with a growing institutional base.

Source: Cynthia Lummis

Spot exchange-traded funds (ETFs) in major economies such as the United States and Hong Kong ) has made cryptocurrencies more accessible than ever, and the recent election of crypto-friendly presidential candidate Donald Trump in the United States has rolled out the red carpet for the cryptocurrency industry.

Trump’s campaign promises include replacing SEC Chairman Gary Gensler, who is seen as an opponent of the cryptocurrency space because of his strict approach to enforcement.

Investors hope this shift will reduce regulatory barriers and create a more friendly environment for crypto assets. Gensler's tenure was marked by a "law enforcement" approach that was widely criticized by the industry for a lack of legal clarity.

Bitcoin’s journey to $100,000 has not been smooth sailing. The path has been fraught with wild price swings, market crashes, and sometimes even existential doubt.

One of Bitcoin’s most notable near-death experiences was in 2013 when Bitcoin first reached $1,000 before falling to $200 in 2014. The collapse of Mt. Gox, the world's largest Bitcoin exchange at the time, hung over the market during this period, and today, ten years later, the issue of paying its creditors is still a concern.

In December 2017, driven by the initial coin offering (ICO) craze, Bitcoin hit a new high of nearly $20,000. However, regulators were quick to take action, with the United States treating ICOs as unregisteredSecurities issuance, ICO is completely prohibited. By December 2018, Bitcoin was trading at $3,200.

Bitcoin’s next major recovery came in 2021, with the price reaching $63,000 as institutions and high-profile companies like Elon Musk’s Tesla fueled the rally.

Source: Arkham Intelligence

But regulatory pressure has once again dampened people's enthusiasm: Bitcoin mining A severe crackdown was implemented, causing the price of Bitcoin to drop significantly to $29,000. After hitting a new high of $69,000 in November 2022, Bitcoin fell to a low of $15,000 due to cryptocurrency industry turmoil including the FTX crash, Three Arrows Capital bankruptcy, and the Terra-Luna stablecoin crisis.

Now, in 2024, Bitcoin has recovered. The U.S. Securities and Exchange Commission (SEC) approved a spot Bitcoin ETF in January, opening the door to wider participation, while Trump's election in November helped fuel the rally.

Hong Kong market analyst Justin d'Anethan pointed out: "What is driving us higher now is factors such as the accessibility of ETFs, corporate buying and growing allocations from global institutions." "BRICS Economy The move away from the US dollar also adds a layer of mystery, positioning Bitcoin as a potential hedge as the world re-evaluates the role of traditional reserve currencies. ”

For Bitcoin bulls, $100,000 is more than just a number. It’s a psychological price point that validates the years-long craze for “laser eyes” — a social media trend in which Bitcoin supporters wear profile pictures with laser eyes to show their confidence in the milestone.

But as d’Anethan explains, $100,000 is not the end goal.

“Over the past year, Bitcoin’s rise has been driven largely by experienced players: we’ve seen the emergence of corporate vaults (mainly MicroStrategy), ETFs, and even pension funds. Allocating funds to BTC, all without much fanfare,” he said.

"Retail investors haven't poured in yet, and when this excitement comes, it won't stop at $100,000."

Trump's campaign also proposed a strategy to build The idea of ​​a Bitcoin reserve, which has drawn mixed reactions.

Source: Ed Krassenstein/Impure Hoonter

Some see this as a step towards centralization, while others, like Quary, founder of Bitcoin marketplace Magisat, see it as a decentralization of Bitcoin. The spirit of transformation is neutral.

“Who holds Bitcoin doesn’t actually have any impact on the network,” Quary noted.

“Hopefully the US and the BRICS (Brazil, Russia, India and) will have a similar interest in Bitcoin and both hold large amounts of Bitcoin. In my opinion, this is the best case scenario - A fair decentralized network where all forces can participate.”

Reaching $100,000 is a symbolic achievement, but for many it marks the beginning of a larger narrative for Bitcoin.

In the short term, Bitcoin may find itself in a favorable macro environment for risk assets as the Federal Reserve is expected to continue its shift toward rate cuts.

“As long as we don’t face massive liquidations with bankruptcies or unforeseen black swan events in 2022, the path of least resistance appears to be upward,” d’Anethan said.

However, as history shows, Bitcoin’s trajectory is rarely a smooth upward line. Even amid positive momentum, corrections are possible.

In a world where economic power is constantly shifting and currencies are evolving, Bitcoin has transformed from a niche asset to a viable financial alternative.

Whether it’s a hedge against inflation, a safe haven or a symbol of financial sovereignty, Bitcoin’s climb to $100,000 sends a clear signal: The era of cryptocurrencies is coming, with its massive volatility, complexity and sex and transformative potential.