Bitcoin reaches record highs: more than 100,000 euros. This long-term progression, marked by cycles of volatility, confirms the rise of BTC as a safe haven asset, but how far could it go? Is this a speculative bubble that will soon burst?
A Bitcoin worth more than 100,000 euros is worth gold
Despite some periods of sharp declines, the price of Bitcoin is part of a lasting and marked upward trend. Indeed, although it has several times suffered losses exceeding 70% in a single year, its price continues to reach new historic highs with each cycle.
$31 in 2011, $1,242 in 2013, $20,000 in 2017, $69,000 in 2021, and now over $100,000 at the end of 2024.
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This spectacular increase consolidates Bitcoin’s role as a store of value. In recent months, it has crossed important thresholds, notably 16 million Japanese yen, almost double its 2021 recordas well as 150,000 Canadian dollars, marking an increase of 77% since its last peak.
By exceeding 100,000,000 Argentine pesos per Bitcoin, 1 Argentine peso is now worth less than one satoshi (the smallest unit of Bitcoin). Currently, BTC trades at 117 million Argentine pesos, or 1.17 pesos per satoshi, reflecting an 85% depreciation in the value of the peso relative to Bitcoin since 2021.
Furthermore, Bitcoin also crosses major thresholds against the strongest currencies, such as the euro, the dollar or the Swiss franc.
Bitcoin price against the euro since 2021
During the night from Sunday to Monday, the price of Bitcoin crossed $106,500. With the euro-dollar exchange rate at 1.052, this brought the price of BTC to 100,700 euros, setting a new record against the European currency.
The Bitcoin community is closely monitoring other currencies against which BTC could exceed 100,000, notably the British pound, currently at 83,000 pounds per BTC, and the Swiss franc, at 93,600 francs per BTC. Although these thresholds have no impact on the fundamentals of Bitcoin, they have a strong symbolic significance.
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How far will Bitcoin go? Is this a speculative bubble?
Many investors wonder how far Bitcoin could go, when it would be best to sell or even if it is in a speculative bubble about to burst. In reality, these questions often come from people who do not fully understand the fundamental characteristics and issues of the Bitcoin blockchain.
Indeed, BTC was designed to offer an alternative to the traditional financial system, both technologically and monetaryally. It allows its users, those who hold their private keys, to be completely sovereign over their funds, without having to resort to any intermediary to spend them.
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In addition, the issuance of Bitcoins is deflationary, due to the limit set on the total number of BTCs in circulation. Unlike inflationary fiat currencies, whose monetary expansion could be seen as a real bubbleparticularly following the 40% increase in the dollar money supply since the 2020 health crisis.
So, The price of Bitcoin is destined to rise over time, not because it gains value, but because the currencies used to measure it constantly lose purchasing power.
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Source : TradingView
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Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I just have to share my knowledge and convey the passion I have for Bitcoin. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
365 articles
