The Story of Resilience: Journey of Bitcoin from $0-$100K

The rise of Bitcoin (BTC) from $0 to $100K is a story of resilience, innovation, and belief. Launched by a pseudonymous founder, Satoshi Nakamoto, Bitcoin initially had no real value. In 2008, Nakamoto introduced Bitcoin through a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This presented an innovative concept of shifting value without intermediaries like banks. 

Satoshi’s effort started with the establishment of the Bitcoin system under blockchain technology by developing a public record for all transactions. On January 3, 2009, Satoshi mined the first Bitcoin block, known as the Genesis Block, embedding the message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This message represented the project’s goal in the aftermath of the global financial crisis of 2008.

Bitcoin’s first known exchange rate was provided by the New Liberty Standard in October 2009, and it had a value of 1 BTC for $1. Hal Finney, who developed the first version of the client software, received the first Bitcoin. In 2010, Bitcoins made their way to mainstream usage when 10,000 BTC were used to purchase two pizzas worth $0.0025 per Bitcoin. Now, the price would be worth billions. 

In its early stages, Bitcoin’s price hardly changed at all; in fact, it was almost stagnant. The most it got was $29.6 by 2011, and then it went down to $4.7 because of its volatility. Due to its scarcity, it received more and more focus, and prices surged.  

By November 2013, BTC had crossed $1000 and achieved its first milestone. However, it faced a hurdle with the fall of Mt.Gox. The crypto exchange, which became victim to a phishing attack, announced its closure of operations, leading to a price dip. However, Bitcoin survived due to its increasing attention to technological innovations. 

After the entry of retail and institutional investors in 2017, Bitcoin surged to $20K. However, the following year witnessed a steep dip in the price. This period was termed as ‘crypto winter’ by market observers. Despite market volatility, BTC’s fixed supply allowed it to regain its momentum. 

In 2020 and 2021, Bitcoin emerged as the most preferred commodity for investors. They saw it as an alternative investment to fiat. At this time, the price reached $68,000 due to companies’ adoption and people’s anticipation of inflation. But in 2022, the market experienced a severe downfall, causing the price to decline to $17,000. Speculations were rife that the dip was due to the economic crisis and increasing regulatory concerns. 

Between 2023 and 2024, Bitcoin made a huge comeback. The Lightning Network increased the use of Bitcoin, while regulatory certainty reinforced the adoption of digital assets. Large financial institutions adopted Bitcoin into their asset allocation. Further, investors used it as a hedge against conventional economic volatility. Further, retail interest also arose, especially in developing countries where Bitcoin was actively engaged. These nations used Bitcoin as an alternative to their local unstable currencies. 

Near the end of 2023, the BTC price closed around $40K. Within the first six months of 2024, BTC experienced market volatility, from $42K in Jan to above $60K in March, followed by a dip in April. It later gained traction in June, trading at around $70,000. 

However, with economic challenges, the coin decreased mid-year. Later in September, Bitcoin surged following interest rate cuts. Market observers predicted that the crypto, which started from humble beginnings, would skyrocket to hit the $100,000 mark. Just at the brink of reaching the target, the coin fell and landed at $92,000. While analysts waited for its recovery, altcoins and meme coins surged in the market. 

By November end, the Bitcoin inched slowly and reached $97K. On December 5, 2024, it achieved its target of $100K and fulfilled the wish of the entire crypto industry. At the time of writing, the coin is trading at $102,893.75. Following the surge, the coin made a new record with a $2 trillion market cap. 

With this milestone, Satoshi’s vision of making Bitcoin a mode of payment has changed the finance and IT sectors. From $0 to $100,000, it has proven its adaptability, creativity, and increasing confidence in decentralized financial systems.