$100,000 per Bitcoin was a meme in the early days. No one thought it would come to pass, but the future is quite unpredictable. Since BTC surpassed its old ATH back in December 2017, and reached a new ATH of $64,804, the idea of $100,000 per BTC has never been more real.
The cryptoverse is talking about 100k like it is going to happen. So far, BTC has surpassed 50k, which is halfway to the 100k goal, raising the hopes of many traders and investors alike.
Bitcoin. What Exactly is it?
Bitcoin is the first cryptocurrency ever made. Unlike fiat money, Bitcoin has a maximum supply that is finite. The 21 million BTC hard cap is hardcoded into the blockchain, which in itself is immutable. In essence, it is hackproof.
According to experts, the currency will run out by 2040 due to its dependence on more powerful mining equipment. This limited and small supply of Bitcoin makes it very scarce. However, even though BTC is not fiat money, it can be used as money because it is a store of value, just like gold. Currently, BTC is worth $46,737.20.
Bitcoins Price History
Since 2013 when the first fully-fledged crypto bull market took place, Bitcoin has seen tremendous growth. Back then, BTC was going for $200 per coin, and it quickly rose to $1200 in the said 2013 bull run.
Bitcoin has had a series of massive pumps and devastating bear seasons that leave it 75%-80% down from its ATH. The market has accepted these events as the crypto-market cycle. In 2017, BTC went into another bull market frenzy and rallied up to $19k. The following year, the bear winter market came.
Bitcoin and altcoins went into a full bear-market mode, and BTC lost more than 80% of its value. From ATH of $19k, BTC crashed hard and briefly touched $3388 on January 28, 2019. Since then, it has been rising in value.
So, will $100,000 Bitcoin Happen in 2021?
On September 7, 2021, El Salvador made Bitcoin a legal tender in the country. This news is huge for Bitcoin as adoption is what pushes up the price. It is more likely, now than ever, that BTC will have a significant impact on global finance.
Microstrategy currently holds over 100,000 BTC, which it acquired over a span of only 13 months. Additionally, El Salvador is currently holding 550 BTC and plans to add more moving forward.
According to Ecoinometrics, 7.9% of the total Bitcoin supply is held in treasuries of enterprises, corporations, and governments. For example, the government of Bulgaria holds 260,486 BTC while Ukraine holds 46,351 BTC. According to Bitcoin Treasuries, Tesla Inc., Square Inc., and Coinbase Global Inc. are among those public companies with BTC in their treasuries. Between this high rate of adoption and the current raging bull market, BTC is still on for $100,000 by the end of 2021.
There is a clear picture of Bitcoin becoming more popular among institutions. Although the initial adoption rate isn’t as diverse as most would expect, it still shows that Bitcoin is becoming more widely accepted.