Bitcoin at $100K: 7 Interesting Stories Related To Bitcoin

The price of a single coin of the digital currency Bitcoin has reached $100,000 for the first time in history.

The rapid rise in the price of Bitcoin in recent days is being linked to the possible positive policies of the newly elected US President Donald Trump regarding cryptocurrency.

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It should be noted that the price of a bitcoin exceeded $80,000 for the first time immediately after Donald Trump’s election victory, and now the $100,000 mark has been crossed after Trump nominated Paul Atkins, who is a bigger supporter of cryptocurrency than the current head of the US Securities and Exchange Commission, as a Wall Street regulator.

Although newly elected US President Donald Trump once called Bitcoin a ‘hoax’ in 2021, he later changed his mind and promised during his election campaign to make the United States the Bitcoin capital of the world.

In such a situation, cryptocurrency holders around the world have expressed happiness over the price reaching $100,000.

The story of the ups and downs and changes in the value of Bitcoin has been very surprising because it has made many people rich overnight and many people poor. But the reason for these stories is not only the price of Bitcoin.

The Blogging Fate has compiled a list of seven incidents when interesting stories related to cryptocurrency emerged.

Bitcoin’s ‘Mysterious Creator’

No one knows for sure who invented Bitcoin. The idea was posted on internet forums in 2008 by a man calling himself ‘Satoshi Nakamoto’.

A white paper outlined how a digital cash system could work to enable people to send virtual coins over the internet as easily as sending an email. Satoshi created a complex computer system that used a large network to initiate transactions and create new coins.

Many reporters, crypto enthusiasts, and investigators have tried to find out who Satoshi is, but all have been unsuccessful so far.

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In 2014, journalists pursued a Japanese citizen named Dorian Nakamoto because they believed he might be the creator of Bitcoin, but it was later revealed that this was due to a misunderstanding. Several other names also came to light in this regard, but only one person claimed to be Satoshi himself.

In 2016, Australian computer scientist Craig Wright said that he was Satoshi.

“I am Satoshi Nakamoto. I was a key part of it (the creation of Bitcoin). Other people helped me. Some people will believe it and some won’t tell you the truth. I don’t even care,” he said in a TV interview with the BBC.

But Wright was never able to prove it, and after years of legal battles, a High Court judge in London concluded in 2014 that Craig Wright was not Satoshi. A recent HBO documentary quoted Canadian Bitcoin expert Peter Todd as saying that he might be Satoshi, but he vehemently denied it.

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In 2014, journalists pursued a Japanese citizen named Dorian Nakamoto because they believed he might be the creator of Bitcoin, but it was later revealed that this was due to a misunderstanding.

Pizza Shopping

History was made on May 22, 2010, when the first official transaction was made using Bitcoin. Hungry Laszlo Hynek offered $41 worth of Bitcoin on a crypto forum in exchange for two pizzas, and the 19 year old student’s payment was accepted. The day went down in history as ‘Bitcoin Pizza Day.’

Since then, ‘pizza shopping’ has become an annual celebration and meme that everyone laughs at, but it also shows the power of Bitcoin – a cyber currency that can buy goods online.

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All of this certainly had criminals’ eyes on it, as within a year of this transaction, the first darknet market selling drugs and other illegal goods in exchange for Bitcoin was launched.

Looking back today, that deal of giving two bitcoins for a pizza didn’t do Laszlo any good at the time. If he had kept those coins, they would have been worth a lot more now.

Legal Status

In September 2021, the President of the Central American country of El Salvador, Nayib Bukele, legalized Bitcoin.

Hairdressers, supermarkets, and other shops had to accept Bitcoin alongside the central currency and the US dollar by law. Following this move, many Bitcoin enthusiasts and reporters visited the area, which greatly boosted tourism in the country.

Although the president hoped the move would increase investment in his country and reduce citizens’ money exchange costs, it has not been as popular as he had hoped. He remains optimistic that the US dollar still dominates the country’s economy.

In an effort to push people to adopt Bitcoin, President Bukele has spent huge amounts of public money, and controversially, he has also bought more than 6,000 Bitcoins himself in the past few years. The president spent at least 120 million Bitcoins in the hope of generating profits for his country.

However, it turned out to be a blessing in disguise for them in December 2023 when the value of the coins they had bought for the first time skyrocketed. A website that tracks the country’s Bitcoin holdings estimates that the value of Bitcoins has risen by 85% overall.

The Rise and Fall of Crypto in Kazakhstan

In 2021, Kazakhstan became a hub for Bitcoin trading, attracting foreign investors from China and the United States.

This was due to the high demand for electricity for the computers used for Bitcoin transactions, which operate under complex systems and calculations to secure the network.

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Nowadays, this requires warehouses full of state-of-the-art computers running day and night, in exchange for which companies participating in this work receive bitcoins.

Many businesses moved to Kazakhstan, where electricity was plentiful thanks to vast coal reserves. At first, the government welcomed the investment with open arms, but the influx of businessmen and the strain on the power system put the country at risk of blackouts.

Within a year, Kazakhstan’s bitcoin industry quickly collapsed as the government imposed restrictions and increased taxes to curb its growth. According to one estimate, the worldwide Bitcoin network uses as much electricity as a small country.

A man from southern England says he accidentally threw away a hard drive containing 8,000 bitcoins.

$100 Million Worth of Bitcoin in the Trash

James Howells is on a mission to recover his crypto wallet, which he says contains at least $100 million in wealth.

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The man from southern England says he accidentally threw away a hard drive containing details of his Bitcoin wallet record, which contained eight thousand Bitcoins. The nature of crypto is such that recovering these coins is not as easy as changing a password. There are no banks involved and no customer support helpline.

Unfortunately, the local council in Newport refused to let him go to the rubbish dump in search of his disk. They even offered to donate 25% of his Bitcoin to local charities if they let him.

“It was a moment where the money just fell out of my hands, it was a sinking feeling. I thought, ‘What have you done? You know you’ve never thrown out a hard drive in the past. Why this time?'” he told the BBC.

The Fraudulent ‘Crypto King’

No one has lost as much Bitcoin as former billionaire crypto mogul Sam Bankman-Fried. The founder of crypto firm FTX was nicknamed the ‘Crypto King’ and was affectionately called by the same name in the crypto community.

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FTX was a cryptocurrency exchange where people could trade regular money for cryptocurrencies like Bitcoin. Their business was worth an estimated $32 billion. At first, they thrived, but then everything suddenly collapsed.

Journalists discovered that Bankman Fred’s company was financially weak and was illegally transferring FTX customer funds to support his other company, Alameda Research.

He spoke to reporters before his arrest at his luxury apartment complex in the Bahamas in December 2022.

“I don’t think I cheated. I didn’t want anything like that to happen. I was definitely not as capable as I thought I was,” he told the BBC. After being extradited to the United States, he was found guilty of fraud and money laundering and sentenced to 25 years in prison.

Crypto Investment Surges

Despite all the chaos, Bitcoin continues to attract the attention of investors and large companies.
In fact, in January 2024, some of the world’s largest financial companies added Bitcoin to their official asset list as Spot Bitcoin ETFs.

These are like stocks and shares that are linked to the price of Bitcoin, but you don’t have to personally own any Bitcoin.

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Consumers are pouring billions of dollars into these brand-new products. Several companies, including BlackRock, Fidelity, and Grayscale, are also buying up thousands of bitcoins, pushing its price to record levels.

This is a huge milestone for crypto with some fans believing that Bitcoin is finally being taken as seriously as the enigmatic Satoshi envisioned.

But some people are more cautious about this and say it has a different path, where Bitcoin will be held as an investment like gold, rather than used to pay for everyday life.

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