Bottom line: Bitcoin on Wednesday surpassed the $20,000 threshold for the first time. It’s a major milestone for the volatile cryptocurrency and one that could be a turning point in its journey to mainstream relevance. Will this be the high point or just a stepping stone?
The cryptocurrency hit the scene in 2009 and was created by an individual or a group of individuals going by the name Satoshi Nakamoto. The true identity of Bitcoin’s founder remains a mystery despite multiple investigations and false claims.
Bitcoin was a relative unknown for many years but started to pop up on the radar of enthusiasts in the early to mid 2010s. When Bitcoin’s value crossed the $1,000 mark in early 2017, all bets were off. The cryptocurrency skyrocketed in value over the next several months and seemed destined to shatter the $20,000 milestone.
Ultimately, its value topped out just north of $19,000 in mid-December 2017 and that’s when the selloff started. Over the next year, Bitcoin’s value fell to nearly $3,000 and it appeared as though it was little more than a short-lived fad.
Bitcoin’s resurgence started in early 2019 and after a couple of false starts, its value started climbing once again. As of this writing, a single Bitcoin is trading for $20,732.30. Some believe that 2021 could be Bitcoin’s breakout year and that it could potentially go as high as $100,000.