Bitcoin cryptocurrency: Seven historic moments as Bitcoin value pass $100,000

A picture of a bitcoin with a sharply rising graph behind it

Wia dis foto come from, Getty

Di price of Bitcoin don go pass $100,000 for di first time, and dis na new record high for di world biggest cryptocurrency.

Bitcoin price bin don dey rise steadily since Donald Trump win di US election and hopes dey say e go adopt crypto-friendly policies.

Dis latest development come just hours afta Trump say im go nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins as head of di Wall Street regulator.

Pipo dey see oga Atkins as pesin wey go dey more pro-cryptocurrency dan di current head of the SEC, Gary Gensler.

Many cryptocurrency fans around di world dey celebrate dis $100,000 mark wey bitcoin don cross. Millions of pipo even tune in to online watch parties as di price bin dey hover around 100k.

Skip Recommended articles and continue reading

Recommended articles

End of Recommended articles

Dis valuation represent a 40% increase of di price of bitcoin on di day of di US Presidential election in exactly one month ago, and it is more dan double di price e bin dey by di start of dis year.

Di $100k milestone bin cause celebrations among crypto fans around di world.

Di unstable value of Bitcoin don dey attract plenty interest as holders dey happy wen di value rise and remain defiant wen e slump.

But many bin dey expect dis particular landmark. For weeks memes and charts dey spread for social media about wen di price go hit di $100k figure and many even tune in to online watch parties as di price dey approach di mark.

Di value of one bitcoin follow for wetin pipo dey take measure di cryptocurrency industry wey dey estimated to be worth $3.3 trillion.

Trump election victory na di catalyst for dis latest surge.

Just three years ago, di president-elect bin refer to bitcoin as a “scam”, but e make a remarkable turnaround during im campaign wen e promise to make di United States “di crypto capital of di planet”.

Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024.

Wia dis foto come from, Reuters

But di tori about bitcoin na one wey get many twists and turns. E don make many pipo rich but e don also cause plenty pipo to lose fortunes.

Hia na BBC list of di seven wildest moments – so far – for Bitcoin history.

1. Di mysterious creator of Bitcoin

Dorian Nakamoto

Wia dis foto come from, Reteurs

Wetin we call dis foto, Some pipo bin wrongly identify Dorian Nakamoto say na im invent Bitcoin

Nobody actually know for sure who invent Bitcoin. Na one mysterious pesin wey call imsef Satoshi Nakamoto bin first post di idea for internet in 2008.

Di pesin bin explain how a peer-to-peer digital cash system fit help pipo to send virtual coins over di internet, just as easy as sending email.

Satoshi later create one ogbonge computer system wey go process transactions and create new coins using big network of volunteers around di world wit special software and powerful computers.

But e – or dem – no reveal dia identity, and di world neva fit unravel di mystery.

In 2014, tori pipo bin pursue one Japanese-American man Dorian Nakamoto as dem tink say na im be di Bitcoin creator, but e later turn out to be false alarm.

Also, in 2016, one Australian computer scientist Craig Wright tok say na im be Satoshi, but afta years of legal battles, court rule say no be im.

Dis year, one Canadian Bitcoin expert Peter Todd also deny say im no be Satoshi, while last month, a British man, Stephen Mollah, claim say na im but nobody believe am.

2. Making history wit pizza

Bitcoin get more dan two trillion dollars for di three trillion-dollar cryptocurrency industry, but di first eva transaction wit di crypto was the purchase of pizza.

On 22 May 2010, Lazlo Hanyecz, bin offer $41 worth of Bitcoin for one crypto platform in return for two pizzas.

One 19-year-old student take up di offer and dat day go down for history for cryptocurrency fans as di #BitcoinPizza day.

But dat event also showcase di power of Bitcoin as internet money wey pipo fit use to buy items online.

Criminals also bin dey watch am, bicos within one year, dem lauch di first darknet marketplace wia pipo dey use Bitcoin to sell and buy drugs and oda illegal items.

Nevertheless, dat two pizza deal now look like a very bad market for Lazlo, bicos if im bin hold on to di coins, by now e go don worth hundreds of millions of dollars.

nayib bukele

Wia dis foto come from, Reuters

Wetin we call dis foto, President Nayib Bukele say e get plans to build a Bitcoin City for El-Salvador, as e dey push for im kontri to use di digital currency

In September 2021, El Salvador – for Central America – become di first kontri to make Bitcoin one of dia legal tender, courtesy of dia President, Nayib Bukele.

Di law mandate say small businesses like hairdressers, supermarkets and oda shops go dey accept Bitcoin alongside dia main currency, di US dollar.

Many Bitcoin fans and reporters start to dey visit di kontri and e bin boost dia tourism for some time.

Although di President bin hope say di move go increase investment for di kontri and cut costs for citizens wey dey exchange money, but e no work out exactly like dat.

Bukele still get hope say di policy go work but for now na di US dollar still be king for di country.

Im don spend at least $120 million buying more dan 6,000 bitcoins for various prices wit hope say im go make profit for im kontri.

One website wey dey track di kontri Bitcoin holdings estimate say di coins don rise 98% in value.

4. Kazakhstan crypto boom and bust

bitcoin mine kazakhstan joe tidy

Wetin we call dis foto, BBC reporter Joe Tidy bin visit one of Kazakhstan giant bitcoin mines during di boom

In 2021, Kazakhstan become a hotspot for Bitcoin mining – di process of crunching complex calculations of crypto transactions.

Dis days warehouses full of di latest computers dey run all day and all night, but di reward na brand new bitcoins for di companies wey dey take part.

Warehouses of computers dey normally use plenty electric power – and many businesses bin move to Kazakhstan wia electricity dey plenty sake of dia big coal reserves.

Di govment bin welcome dem well bicos dem come wit investment. But too many miners also arrive and add too much strain for di electricity grid, come put di kontri at risk of blackouts.

Inside one year, Kazakhstan Bitcoin mining industry go from boom to bust as di goment put restrictions and increase taxes to slow di growth.

E dey estimated say di Bitcoin network dey use as much electricity as a small country, raising concerns about di environmental impact.

5. Bitcoins in the rubbish dump

James Howells bitcoin

Wia dis foto come from, James Howells

Wetin we call dis foto, James Howells say e wan donate a quarter of di money to di pipo of Newport

Imagine pesin wey get crypto wallet worth more Dan $100m – and e accidentally trowey di hard drive wia di login details dey.

Dat na wetin James Howells, from south Wales, say happUn to am.

Di nature of crypto mean say e no dey easy to recover or reset your password. As no banks dey involved, nothing like customer support helpline dey.

Unfortunately for oga Howells, im local council for Newport no gree make e enter di landfill site wia e say di hard drive bin end up.

E even offered to donate 25% of im Bitcoin to local charities if dem go allow am enta dia, but dem still no gree.

6. Crypto King fraudster

bankman fried

Wia dis foto come from, reuters

Wetin we call dis foto, Sam Bankman-Fried na former crypto mogul wey dem later find guilty of fraud and send am to 25 years in prison for di US

Nobody don lose as much Bitcoin as former billionaire crypto mogul, Sam Bankman-Fried, di founder of di crypto firm FTX who pipo bin give di nickname ‘Crypto King’.

FTX na cryptocurrency exchange wey dey allow pipo to trade normal money for cryptocurrencies like Bitcoin.

Bankman-Fried empire bin worth about $32bn and im bin dey fly high until everytin just crash within days.

Journalists discover say FTX dey financially shaky and oga Bankman-Fried bin dey transfer customer money to dey boost im oda company – Alameda Research.

For March dis year, one court for America sentence am to 25 years in prison for fraud and money laundering.

7. Investment bank boom

Bitcoin still dey attract attention from investors and big companies around di world.

For January 2024, some of di biggest financial firms for di world add Bitcoin to dia official asset lists as Spot Bitcoin ETFs.

Dis na like stocks and shares, wey dey linked to di value of Bitcoin, and customers don dey pour billions into dis brand new products.

Dis na big milestone for crypto as some fans believe say pipo don finally dey take Bitcoin as seriously as im mysterious creator, Satoshi, bin imagine.

However, some still dey expect more wild moments as di Bitcoin story continues to unfold.