Bitcoin Price Hits $100K: A Moment to Remember Forever, Says Cameron Winklevoss

• Bitcoin, the world’s leading cryptocurrency, breached the psychological $100,000 mark on Wednesday.
• At the time of writing, Bitcoin was trading at $1,03,373 with a 24-hour trading volume of $1,11,07,18,66,084.
• The leading cryptocurrency has already posted gains of over 140% in the past year.

Bitcoin, the world’s leading cryptocurrency, soared past the psychological $100,000 mark, shattering its all-time-high record by a long margin. This has reignited optimism among crypto traders and steadfast supporters. At the time of writing, Bitcoin price was trading at $1,03,373 with a 24-hour trading volume of $1,11,07,18,66,084.

At the time of writing, Bitcoin has surged 7.35% in the past 24 hours, according to CoinMarketCap, capping an impressive rally. The leading cryptocurrency has already posted gains of over 140% in the past year, reflecting its robust growth trajectory. This latest price surge coincided with a broader market rally spurred by the recent U.S. election results, which saw Donald Trump emerge victorious. The outcome is widely viewed as a catalyst for a pro-crypto environment, boosting investor confidence and fueling optimism across the crypto market

Simultaneously, Trump named Paul Atkins, a former SEC commissioner and co-chair of the Digital Chamber’s Token Alliance, as Gensler’s successor too fuelled in further anticipation of the growth of the sector.

Also read: Bitcoin could double or triple in 2024: MicroStrategy co-founder Michael Saylor

What did industry voices say?

The leading voices from the industry expressed their delight in Bitcoin breaking the $100,000 mark. Anthony Pompliano, Founder & CEO of Professional Capital Management, congratulating the bitcoin holders said, “$100,000 is a psychological milestone. Every boomer is waking up to headlines tomorrow and then going to buy some Bitcoin just in case they were wrong. Welcome to the next phase of the game.”

Gemini co-founder Cameron Winklevoss on this Twitter handle called it a moment that people will remember for the rest of their lives.

Mark Carnegie, Founder and Executive Chairman at MHC Digital Group highlighted the achievement underscores the power of digital assets.

“Bitcoin is set to break a huge psychological barrier at 100k. Market participants are beginning to realise that not only is the digital asset industry no longer under attack, but it also now has the support of the incoming administration of the USA. This change of tone has not yet been priced in and could see a huge re-rating of bitcoin and all digital assets as they become an integral part of the financial system of the world,” Carnegie said.

Bitcoin price is emerging as an effective viable currency

Even as the unprecedented rally has created a positive mood, more and more institutional investors are now entering the market to gain exposure to crypto markets while complying with regulations.

With inflation running rampant, along with currency debasement and shifting geopolitical dynamics, Bitcoin has emerged as an alternative currency mechanism that aims to answer to the world’s macroeconomic ills.

As Bitcoin enters into the next phase of price discovery, investors would do well to remain cautious and conduct market research before making any investment decisions.