During New York evening hours Wednesday (Dec. 4), Bitcoin hit a new high above $100,000 – a significant milestone for both bitcoin and the larger crypto industry. For years, bitcoin’s price has rollercoasted around, hitting a low of $16,900 in early-2023. But, following the launch of ETFs this January, and particularly following the election of Donald Trump, there’s now a broad expectation that $100K is just the start of the run-up. At the beginning of the year, BTC was at just $45,000. And, before the election, it was still sub-$70k. Now, many analysts are predicting a continued surge through inauguration day, driven by hopes for regulatory clarity and by a period of monetary easing in the U.S.
Here are some reactions from long-term Bitcoin observers on what $100k means and where the market could be going next.
Anthony Pompliano, entrepreneur:
“$100,000 is a psychological barrier which creates a feeling of ‘bitcoin has arrived’ in the minds of many large capital allocators. There is still an incredible amount of work to do, but the big round number feels great. Any time you can inject enthusiasm and optimism into a market, that is good long-term.”
Allen Farrington, author/venture capitalist:”In purely psychological terms, there is now no rational price between this and gold parity.”
Preston Byrne, Managing Partner, Byrne & Storm:“Price is an indicator, not an objective. This has always been the case and whilst adding another digit to the price is psychologically and symbolically significant, it is no more relevant to my day-to-day than 90k, 70k, or 50k before it. A rising price tells me [that] the wider markets are starting to also believe in longtime crypto believers’ thesis in a fairly significant way.”
The expected end of the U.S. war on crypto business in the new year has driven a wave of optimism among current industry participants and new entrants. Regulatory normalization of crypto products in the world’s largest economy was always a necessary prerequisite for widespread global adoption, and now it looks like we’re going to get it.”
Des Dickerson, CEO Thundr Games: “Bitcoin hitting $100K is a milestone that represents more than just a price point — it’s a testament to its growing adoption and resilience. It underscores the incredible potential of Bitcoin as the foundation for a new era of global, seamless digital payments. It’s a signal to the world that we’re building on solid, transformative technology that’s here to stay. It’s a perfect storm of hopium and recognition of Bitcoin’s value prop as the most secure, decentralized, and globally accessible digital asset.
How far will the price go next year? It’s Bitcoin, so we should expect some bumps along the way. I am setting my sights on $200k, on our way to $1M!”
Andy Baehr, Managing Director, CoinDesk Indices:
“It was a champagne moment, served at a champagne hour. At 9:33pm and 41 seconds, the CoinDesk Bitcoin Price Index read 100,000. By 10:08:42, the current ATH of 103,633.70 was hit.Among blockchain assets, bitcoin stands to gain the least from improvements to regulatory pavement. It has futures, ETFs, and options. It is available widely in the United States and around the world. Bitcoin’s adoption momentum, bolstered by a thoughtful mention by Fed Chair Powell and a news cycle rich with positive sentiment, helps more investors feel like they’ve waited long enough; it’s time to get involved.Optimism about better, more dedicated regulatory agencies and support have been a boon for “future-of-finance” blockchain assets.
The CoinDesk 20 Index has doubled since the day before Election Day, outpacing bitcoin. In fact, 10 of the 20 constituents in CoinDesk 20 have doubled (or better) this year.”“What lies ahead? Bitcoin becomes a staple, and its narrative will get detached from other blockchain assets, as improvements to everyday activities, financial and otherwise, proliferate. Ethereum’s status as a clearinghouse for the most important on-chain activity will take better shape. CoinDesk 20 names, current and future, will take advantage of improved support and regulatory clarity.”
Nolan Bauerle, host of the American Bitcoin Citadels podcast:
“A movement that started with a few people inspired enough or pissed off enough to give up their free weekends and evenings has taken over earth in a few short years. Bitcoin continues to be the most interesting story on the planet, and now it’s headed for the moon.”
Cory Klippsten, Swan Bitcoin:
“The surge past $100,000 underscores Bitcoin’s resilience and its role as a digital store of value.”
Others:
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Benjamin Schiller
https://www.coindesk.com/opinion/2024/12/05/bitcoin-at-100-k-industry-reaction
2024-12-05 17:44:37
