Seven wild moments from its turbulent history | Global News Avenue

Bitcoin price surpassed the $100,000 mark for the first time, setting a new all-time high.

The value of the world’s largest cryptocurrency has received a boost as U.S. President-elect Donald Trump is expected to adopt crypto-friendly policies.

The milestone came hours after Trump said he would nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins to run the Wall Street regulator.

Atkins is considered to be more pro-cryptocurrency than current SEC Chairman Gary Gensler.

The $100,000 milestone sparked celebrations among cryptocurrency fans around the world.

Bitcoin’s wildly fluctuating value always arouses interest, and when it does, its supporters react with glee Breaking through the previous price threshold – and resistance during its downturn.

But this particular milestone is especially eagerly anticipated. Charts, memes and predictions about when prices will hit a number considered one of the holy grails of the crypto world have been circulating on social media for weeks.

With the price hovering close to $100,000, millions of viewers even tuned in to watch parties online.

The value of a single Bitcoin, one of the barometers of optimism in the cryptocurrency industry, is currently estimated to be worth $3.3 trillion, according to analytics firm Coin Market Cap.

Trump’s election victory last month was the catalyst for the latest surge.

The president-elect has vowed to make the United States the “cryptocurrency capital of the planet” — a notable turn since as recently as 2021, he called Bitcoin a “scam.”

Also worth noting is the surge in Bitcoin prices. The $100,000 valuation represents a 40% rise on U.S. Election Day and more than double the price at the beginning of the year.

But there’s more to Bitcoin than dizzying changes.

From its mysterious inventor to the fall of the so-called Crypto King, it’s a twisting story that has seen vast fortunes made and lost.

Here are the BBC’s list of seven of the craziest moments in Bitcoin’s tumultuous history to date.

1. The mysterious creator of Bitcoin

Despite Bitcoin’s popularity, no one really knows for sure who invented it. In 2008, a man calling himself Satoshi Nakamoto posted the idea on an Internet forum.

They explained how a peer-to-peer digital cash system would enable people to send virtual currency over the internet as easily as sending an email.

Satoshi Nakamoto created a complex computer system that could process transactions and create new coins using a vast network of self-appointed volunteers around the world who used special software and powerful computers.

But he – or they – never revealed his identity, and the world never found out.

In 2014, Japanese-American Dorian Nakamoto was hounded by reporters as the elusive Bitcoin creator, but it turned out to be a false lead caused by some mistranslated information.

Australian computer scientist Craig Wright said in 2016 that he was responsible, but after years of legal battles, a High Court judge concluded that he was not Satoshi Nakamoto.

Earlier this year, Canadian Bitcoin expert Peter Todd Strongly deny that he is Satoshi NakamotoIn London this month, a British man named Stephen Mollah claimed that he – but no one believed him.

2. Make history with pizza

Bitcoin now underpins the $2 trillion cryptocurrency industry, but the first transaction recorded using Bitcoin was the purchase of pizza.

On May 22, 2010, Lazlo Hanyecz offered $41 worth of Bitcoin on a cryptocurrency forum in exchange for two pizzas.

A 19-year-old student agreed, and the day went down in history for currency enthusiasts as #BitcoinPizza Day.

As a source of memes for people in the cryptocurrency community, it also demonstrates the power of Bitcoin—an internet currency that can actually buy things online.

Criminals must be paying attention, too, because within a year the first darknet market was launched, selling drugs and other illegal goods in exchange for Bitcoin.

Now it looks like this deal looked bad for Laszlo, too. If he had kept these coins, they would be worth hundreds of millions now!

3. Become legal tender

In September 2021, Nayib Bukele, President of El Salvador in Central America, designated Bitcoin as legal tender.

Hairdressers, supermarkets and other stores are required by law to accept Bitcoin as well as their main currency, the U.S. dollar.

Many Bitcoin enthusiasts and journalists visited the area, briefly boosting the country’s tourism industry.

Although President Bukele hoped that the move would increase investment in the country and reduce the cost for citizens to exchange currency, it has not been as popular as he had hoped.

He still hopes it will take off, but for now the dollar is still king in the country.

In addition to investing large amounts of public funds in an attempt to get people to embrace Bitcoin, President Bukele has controversially purchased more than 6,000 Bitcoins over the past few years.

The president has spent at least $120 million buying Bitcoin at various prices, hoping to generate profits for his cash-strapped country.

it starting to look good In December 2023, the value of his collection soared for the first time.

The website created by Dutch software engineer Elias Zerrouq is Track Bitcoin in the Country Holdings currently estimate that the tokens have increased in value by 98%.

4. Kazakhstan’s Cryptocurrency Boom and Bust

In 2021, Kazakhstan became a hotspot for Bitcoin mining, the process of processing through the complex calculations that underpin crypto transactions.

Today, warehouses are filled with the latest computers, running all night long, but for companies that participate, the reward is brand new Bitcoins.

Computer warehouses required large amounts of electricity, and many businesses moved to Kazakhstan, where coal reserves were abundant and electricity was plentiful.

Initially, the government welcomed them with open arms to bring investment.

But the arrival of too many miners has put enormous pressure on the grid, putting the country at risk of blackouts.

Within a year, Kazakhstan’s Bitcoin mining industry has grown rapidly from boom to bust As governments impose restrictions and increase taxes to curb growth.

Around the world, it is estimated that the Bitcoin network uses as much electricity as a small country, raising concerns about its environmental impact.

5. Bitcoin in the dump

Imagine having a crypto wallet worth over $100m (£78m) – and then Accidentally throw away A hard drive containing login details.

James Howells from South Wales says this is what happened to him

The nature of encryption means recovery is not as easy as resetting your password. Since no bank is involved, there is no customer support hotline.

Unfortunately for him, Newport local council refused to allow him access to landfill, where he says the device ended up – even though he offered to dispose of it if a local charity would allow it 25% of Bitcoins are donated to local charities.

He told the BBC: “It’s a heartbreaking moment, it’s a frustrating feeling.”

6. Crypto King Scammer

No one has lost as much Bitcoin as former billionaire cryptocurrency tycoon Sam Bankman-Fried. The founder of major cryptocurrency company FTX is nicknamed the “King of Cryptocurrency” and is beloved by the community.

FTX is a cryptocurrency exchange that allows people to exchange regular currency for cryptocurrencies such as Bitcoin.

With an empire worth an estimated $32 billion, he was flying high for a while, but within days it all came crashing down.

Reporters discovered that Bankman-Fried’s company’s financial situation was unstable and he had been illegally transferring FTX client funds to support another of his companies, Alameda Research.

He spoke to reporters just before his arrest in December 2022 at his luxury apartment complex in the Bahamas. He told the BBC: “I don’t think I committed fraud. I didn’t want that to happen. I’m certainly not as capable as I thought I was.”

After being extradited to the United States, he was convicted of fraud and money laundering and sentenced to Sentenced to 25 years in prison.

7. Investment banking boom

Despite all the turmoil, Bitcoin continues to attract the attention of investors and major companies.

In fact, in January 2024, some of the world’s largest financial firms added Bitcoin to their official asset lists as spot Bitcoin ETFs. These are like stocks and shares, tied to the value of Bitcoin, but you don’t have to own any shares personally.

Customers are already investing billions of dollars in these new products. Companies such as Blackrock, Fidelity and GrayScale were also cited Buy Thousands of Bitcoinspushing its value to an all-time high.

This is a huge milestone for the cryptocurrency, with some fans believing that Bitcoin is finally being taken as seriously as the mysterious Satoshi Nakamoto imagined.

Still, few would object to more crazy moments as the Bitcoin story continues to unfold.