$100,000 Bitcoin Price Might Not Be Far Off
By Tobi Oluyede September 18, 2023
- Bitcoin's price has experienced significant growth since its inception in 2009, laying the foundation for the adoption of cryptocurrencies
- While initially worth just a fraction of a cent, it has reached all-time highs close to $66,000
- The prospect of bitcoin reaching a $100,000 valuation is considered likely due to various factors, including growing adoption rates and favorable analytics
- Analysts suggest Bitcoin has reached critical mass quicker than the internet did in its initial years, sparking debate not about "if" but "how" bitcoin will hit $100,000
Bitcoin's price has enjoyed steady growth since it first charted in early 2009 and a somewhat up-and-to-the-right outlook. Bitcoin laid the groundwork for cryptocurrency adoption , although admittedly, it's still a long way off from the mainstream.
The New Liberty Standard Exchange recorded the first Bitcoin exchange for dollars in late 2009. BitcoinTalk users traded 5,050 bitcoins for $5.02 via PayPal, at a markup of $0.00099 per bitcoin. In other words, the price was about one-tenth of one cent, and by February 2010, it had leaped to around $1!
In a little over a decade, cryptocurrency has become a most exciting and lucrative venture among speculators and "augurs." Overnight millionaires and lambo bros, a common sight in each bull run, have proven that HODLing might not be so bad after all. And the prospect of a $100,000 price valuation of bitcoin is a fairytale on paper, but it actually makes more sense practically - the numbers agree.
Adoption is Key
First, let's do a simple analysis of the current internet adoption rate and Bitcoin adoption figures. Based on recent statistics , the US retains a large stake in the global internet market, with nearly 92 percent of people with internet access in 2022.
In comparison, one in five Americans (about 21 percent) have owned cryptocurrency as of 2022, according to Coinbase . Put these numbers side-to-side, and you'll understand that bitcoin hitting $100,000 is not an if-when debate but rather "how?"
Moreover, Bitcoin's all-time high stands at about $66,000, which in itself seemed like a pipe dream around a half decade ago. Earlier in August, Blockstream CEO Adam Back, one of the crypto's early pioneers, called $100,000 before Bitcoin's halving in 2024.
Finally, analysts say bitcoin has reached critical adoption at a faster rate than the internet in the first 14 years of its inception. Global internet usage currently stands at 60 percent. Imagine the price of Bitcoin if we reach 4.8 billion active users, or even half of that?
Although we're not exactly there in terms of crypto education and awareness, we're not that far off. "If?" and "When?" are petty questions that will be answered in time.
A Plateau For Now
The cryptocurrency space has plateaued, and the innovation inferno is now inferior to the wave of widespread adoption that buzzed through the world in 2017 and 2021. It's funny how the industry went from buying pizza with BTC to raising funds for building dapps to Cryptopunk collecting..
The DeFi summer preceded the hype created by non-fungible tokens. The NFT redefined ownership of intellectual property and tangible, real-world assets through a maverick; a cryptographically-unique asset class. So what's next? What's the big next catalyst for crypto to get to the next level?
For now, the crypto ecosystem is left head-scratching in apparent bewilderment at the masses' unreasonable uninterest. For now, at least. Something will come along, captivating the interest of the larger public and reinvigorating excitement around cryptocurrencies.