Bitcoin has surged past the $100,000 mark, a milestone for the digital currency that was once dismissed as a fringe experiment.
In May 2010, a cryptocurrency enthusiast named Laszlo Hanyecz made one of history’s most expensive purchases. He used 10,000 Bitcoins to buy two pizzas from Papa John’s, worth about $40 at the time. Today, those Bitcoins would be worth $1 billion.
Bitcoin has proven itself to be a highly successful investment over the past two decades. The total value of all Bitcoins in circulation now exceeds $2 trillion, surpassing the combined worth of companies like Mastercard, Walmart, and JPMorgan Chase. The early adopters – a diverse group including hackers and political radicals – have become millionaires. The cryptocurrency’s impact has also fueled an entire industry, including publicly traded companies such as the cryptocurrency exchange Coinbase. Celebrities, athletes, and even Elon Musk have become vocal promoters.
Even the president-elect has expressed support. During his campaign, Donald J. Trump presented himself as a Bitcoin enthusiast, promising to create a federal stockpile that could further drive up its price.
Finn Brunton, author of a 2019 book on the history of cryptocurrency, noted that Bitcoin started out as “essentially an experimental hobbyist project.” Observing its current state “is to see a really impressive feat.”
