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.”
A wise man once said, “after we hit $100k, it’s smooth sailing to $1.0M.”
Global #Bitcoin FOMO begins now. Plan accordingly. pic.twitter.com/ZviNWEWFLy
— Samson Mow (@Excellion) December 5, 2024
- Michael Saylor, Founder of MicroStrategy (@saylor): “There is going to be a 100K Party. 🚀”
There is going to be a 100K Party. 🚀https://t.co/Vo52KQZRe5
— Michael Saylor⚡️ (@saylor) December 5, 2024
- 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.”
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. pic.twitter.com/OsKxdC5n3G
— Lyn Alden (@LynAldenContact) December 5, 2024
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.”
GM
Both $BTC and $ETH are hitting major resistance here. At this point, it doesn't matter whether Bitcoin takes the $100k level or not. Whales have started to distribute, and only retail buying is occurring.
Altcoins are having their last pumps. We could expect some low caps… pic.twitter.com/HKls9afnhd
— satsdart (@satsdart) November 30, 2024
- 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.”
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
— Nostra, House of Gold (@Nostre_damus) November 20, 2024
- Peter Schiff (@PeterSchiff): “Keep dreaming. Bitcoin is never going to hit $100,000!”
Keep dreaming. Bitcoin is never going to hit $100,000!
— Peter Schiff (@PeterSchiff) November 8, 2019
- Marques Brownlee (@MKBHD): “How hard is Bitcoin going to plummet once it touches 100K?”
How hard is Bitcoin going to plummet once it touches 100K? 🎢
— Marques Brownlee (@MKBHD) November 21, 2024
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:
The great martis has 6 brokers lined up to execute a monster short on bitcoin once and if the 100k overshoot occurs.
Great one below awaits.
P.S Smoking is a health hazard. pic.twitter.com/XuP96gEXQM
— The Great Martis (@great_martis) November 22, 2024
Lessons in Market Dynamics
For Bitcoin, 2024 was a transformative year, with gains of over 125% fueled by factors such as:
- Institutional Interest: Over $31 billion in net inflows into U.S.-based spot Bitcoin ETFs.
- Supply Reduction: The April halving reduced new Bitcoin supply, intensifying scarcity.
- Corporate Adoption: Companies like MicroStrategy continued accumulating Bitcoin.
- 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.