Is it really a surprise when the hallmark for cryptocurrencies around the world is at the doorstep of reaching yet another milestone? Just a few days ago, Bitcoin was as close as it has ever been to reaching $100,000 per coin – the digital coin traded above $98,000 on 25 November 2024.
Although currently going back a few steps, this crypto fluctuated around $92,000 at the time of writing. However, the experts believe that crossing the threshold is just days away. As the pioneer of digital currencies, Bitcoin is used for various tasks today, from payments in shops to spinning the reels and rolling the dice in some of the best crypto casinos.
But why is this step for Bitcoin so important that it has shaken up the crypto world? Moreover, what happens when BTC hits $100,000? Would it have an effect on other cryptocurrencies? Let’s find out!
The Math Behind Bitcoin
Everyone in the crypto world knows one thing for sure – Bitcoin is limited to 21 million coins! No matter how much you want that to change, the math is nonnegotiable. However, what crypto traders forget is that the more the price rises, the harder it will be to deplete the BTC stash.
Simply put, at its current price, purchasing a Bitcoin is practically impossible for most people. That’s why the option to get a smaller piece of the cake is always on the table. That way, people will keep purchasing Bitcoins for years to come.
Why Is Bitcoin Rising Now?
Bitcoin was invented in 2008 – around 16 years ago. So why did it take the coin that long to reach this threshold? Why now? Let’s go over a few factors.
Lenient Crypto Policies
More and more countries are opening up their doors to cryptocurrencies. Whether for in-store purchases or online gaming, the legal regulations allow crypto to be used as a payment method. Just days ago, a court in Shanghai ruled that holding crypto is legal, prompting a lot of other countries to reconsider their stance on crypto.
On the other side of the world, the US is inching closer to a new presidency and, with that, a new view on cryptocurrencies. The president-elect, Donald Trump, has positioned himself as pro-crypto, vowing to enact policies that would benefit the
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Author: Adrian Barkley
