Tuesday, February 11, 2025

Unraveling Bitcoin’s Journey to $100,000 in 2024

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A novelty Bitcoin token is shown in front of the price chart. Bitcoin’s price has gone over $100,000 in Hong Kong, China, on December 5, 2024.

Paul Yeung | Bloomberg | Getty Images

Bitcoin has finally passed $100,000. This came after a year when big Wall Street banks accepted it. Many people talked about Bitcoin during the U.S. presidential election.

Bitcoin fans have long wanted this price. They believed Bitcoin could reach $100,000. For many years, Wall Street did not agree. But now, Bitcoin has risen more than 140% in 2024.

Wall Street Accepts Bitcoin

This year starts a new phase for Bitcoin. Bitcoin ETFs began trading on January 11. These funds have brought in a lot of money. One fund, the iShares Bitcoin Trust, has $50 billion now.

Support in Politics

Bitcoin is also gaining attention in U.S. politics. The crypto lobby spent money during the 2024 elections. President-elect Donald Trump now supports Bitcoin.

He even spoke at the Bitcoin Conference in Nashville. Bitcoin’s price has risen 49% since November 4, just before the election.


Vocabulary List:

  1. Novelty /ˈnɒv.əl.ti/ (noun): The quality of being new original or unusual.
  2. Elections /ɪˈlek.ʃənz/ (noun): The process of voting to choose a person for a political office.
  3. Attention /əˈtɛn.ʃən/ (noun): The act or power of careful consideration.
  4. Accepted /əkˈsɛp.tɪd/ (verb): Agreed to receive or undertake.
  5. Support /səˈpɔːrt/ (noun/verb): The act of helping or assisting someone or something.
  6. Risen /ˈrɪ.zən/ (verb): Moved from a lower position to a higher one.

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