The value of Bitcoin surpassed $100,000 during a massive rally in 2024.

For the first time ever, the price of bitcoin surpassed the $100,000 mark late Wednesday evening.

According to Coin Metrics, the flagship cryptocurrency was last higher by more than 7% at $102,874.00, and earlier it rose as high as $103,844.05.

Hours after President-elect Donald Trump announced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission, the crypto community viewed the move as a fulfillment of his promise to create a more supportive regulatory environment for the industry.

At the DealBook conference, Federal Reserve chair Jerome Powell stated that bitcoin is "similar to gold but virtual and digital." He added that people are not using it as a payment or store of value, and that it is not a competitor for the dollar, but rather for gold.

Today marks a celebration for seasoned bitcoin investors who have remained steadfast in their investment, weathering multiple boom and bust cycles, while facing criticism and opposition from governments and financial institutions.

The anti-establishment nature of cryptocurrency is largely due to its origins. The concept of Bitcoin was first proposed during the 2008 financial crisis as a "peer-to-peer version of electronic cash that would enable direct online payments between individuals without the need for intermediaries." Satoshi Nakamoto, the founder of Bitcoin, outlined this idea in the Bitcoin Whitepaper.

Recently, the institutional investing world has recognized the worth of bitcoin, leading to the launch of spot bitcoin ETFs by companies such as Fidelity. This "IPO" moment has driven the price higher, and in November, Rick Wurster, the incoming CEO of , announced that the firm plans to enter spot crypto trading once regulatory changes are made in the next Trump administration.

According to Mike Novogratz, CEO of Galaxy Digital, after four years of political turmoil, bitcoin and the entire digital asset industry are on the verge of becoming mainstream in the financial sector, as reported by CNBC.

Bitcoin had been predicted to reach $100,000 since the U.S. presidential election, but investors sent it closer to this mark earlier than expected. It reached a high of $99,849.99 on Nov. 22. There is hope that President-elect Trump will implement pro-crypto initiatives, such as establishing a national strategic bitcoin reserve, eliminating taxes on crypto transactions, and opening up the crypto public equity markets with more IPOs.

"In the long run, I am optimistic about the future of cryptocurrency," Novogratz stated. "While there may not be a steady upward trajectory, it is important for investors to take profits periodically. However, with a pro-crypto administration coming to power in the U.S., the rest of the world is likely to pay attention."