Amid support for the cryptocurrency sector from President-elect Trump, Bitcoin has topped the $100,000 milestone. Dec. 5, 2024
© Bob Montgomery / USA TODAY NETWORK
(New York, NY) – For the first time in its history, benchmark cryptocurrency Bitcoin has topped the $100,000 mark. Long considered and important milestone for the crypto sector as well as Bitcoin itself, the 100k mark has been reached thanks in part to a $35,000 increase within one month’s time.
Many have pointed to President-elect Trump’s support for crypto as a driving force behind Bitcoin’s recent rise. Investors have exhibited an increased demand for crypto in recent weeks, including some other coins that are lesser-known. Since the president election in November, Bitcoin’s price is up 45%. Going back to the start of 2024, its price has more than doubled.
President-elect Trump took to Truth Social to celebrate the 100k milestone, congratulating crypto investors and offering them “thanks,” in a nod to his overarching support. Trump attended a cryptocurrency conference this summer while on the campaign trail.
Bankrate Senior Analyst Ted Rossman admits seeing the price hit $100,000 gives him a bit of “regret” at missing out — while also noting cryptocurrency is still a bit risky for his taste. But he adds that “true believers” of Bitcoin tend to buy and hold the crypto, rather than using it as day-to-day currency. Rossman reports that some people have accepted crypto like Bitcoin when being paid for endorsements, or as compensation for employment.
It’s certainly been quite a ride for crypto going back to is inception under uncertain circumstances in 2009. For example, a $1,000 investment in Bitcoin — made in 2010 — would be worth more than $365 million today.
