(Reuters) – Bitcoin surpassed $100,000 for the first time on Thursday as Republican Donald Trump's election as president increases expectations that his administration will create a crypto-friendly regulatory environment. did.
The world's largest and best-known cryptocurrency has more than doubled from this year's low of $38,505 and is up more than 50% since President Trump won a landslide victory in early November.
Here are the key events on Bitcoin's journey to $100,000 and beyond.
2008: Satoshi Nakamoto, the pseudonym used by the alleged cryptocurrency developer, introduces the concept of Bitcoin.
2010: First retail transaction occurs when a user pays 10,000 Bitcoins for two Papa John's (NASDAQ:) pizzas.
2013: As Bitcoin grows in popularity, Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, file for the first time with the U.S. Securities and Exchange Commission to create a Spot Bitcoin ETF.
Grayscale Investments launches Investment Trust, an open-ended private Bitcoin trust.
2016: The Winklevoss brothers made numerous adjustments to the application, including the exchanges on which their products are traded. It also has proposed an amendment to name State Street (NYSE:) as administrator. Convert your Bitcoin Trust to a Spot Bitcoin ETF by submitting a grayscale file to the SEC.
2017: SEC rejects Winklevoss' application on the basis that the Bitcoin market is not mature enough. Grayscale withdrew its initial attempt to convert the trust into an ETF, citing an insufficient regulatory environment.
2018: The SEC rejects a second application by the Winklevoss twins to launch a Spot Bitcoin ETF, stating that virtual currency exchanges do not have the necessary controls in place to prevent tampering.
2020: Grayscale transitions its trust to SEC reporting status and its shares begin trading on pink sheets as over-the-counter shares. Although it is not an ETF, it is the first publicly traded Bitcoin fund in the United States.
2021: The first spot Bitcoin ETF launches in Canada. Gary Gensler will take over as SEC chairman in April, replacing Jay Clayton.
In October, the SEC approved ProShares Bitcoin Trust to list on the Chicago Mercantile Exchange, noting that CME has sufficient mechanisms in place to monitor abuse in the futures market. It is the first futures-based Bitcoin ETF in the US and has amassed $1 billion in assets within days of beginning trading, faster than any other ETF.
Also in October, Grayscale refiled an application with the SEC to convert its trust into a spot Bitcoin ETF.
2022: SEC rejects multiple applications to become spot Bitcoin ETF issuers, including SkyBridge, Fidelity, and Bitwise. The SEC also rejected Grayscale's application, prompting the company to sue the agency.
As crypto prices plummet, several crypto companies, including Three Arrows Capital, Celsius Network, and FTX, have filed for bankruptcy, and the company's founder, Sam Bankman Fried, has also been charged with fraud. are.
2023:
May: Cathie Woods' ARK Investments and CBOE Global Markets apply for a spot Bitcoin ETF, giving the SEC up to 240 days to approve or deny the application.
June: BlackRock (NYSE:) files application for Spot Bitcoin ETF with SEC, raising industry expectations that regulators may approve the product, pushing Bitcoin price to one-year high Ta. In the weeks and months that follow, a flurry of other issuers and exchanges, including Fidelity and Invesco, submit Bitcoin ETF applications.
August: A federal appeals court in Washington, D.C., rules in favor of Grayscale, saying the SEC did not justify its reasons for rejecting the proposal. Europe's first spot Bitcoin ETF begins trading on Euronext (EPA:) Amsterdam Stock Exchange.
October: The SEC chooses not to appeal the court's decision in the Grayscale case and is asked to reconsider the application.
2024:
January 10: The SEC approves 11 proposals to launch a Spot Bitcoin ETF from issuers including BlackRock, Fidelity, and VanEck, among others.
February: Net inflows into the top 10 ETFs reached $4 billion in the first month, according to LSEG data.
March: Bitcoin surpasses $70,000 for the first time, marking an all-time high and doubling in value in five months.
June: During a fundraiser in San Francisco, President Trump bills himself as a champion of cryptocurrencies and denounces Democratic attempts to regulate the sector.
July: President Trump says at a Bitcoin conference that if elected, he would create a strategic national Bitcoin stockpile to ensure the United States becomes the “crypto capital of the planet.”
October: SEC grants US exchanges “early approval” to list and trade options related to 11 Spot Bitcoin ETFs.
November 6: Trump is declared the winner of the presidential election, triggering a huge rally in various assets, especially Bitcoin.
November 12: Cryptocurrency market capitalization (EPA:) exceeds $3 trillion. Year-to-date, net inflows into ETFs have reached $25.8 billion, according to LSEG data.
November 21: Bitcoin approaches $100,000 for the first time in history as investors buy in anticipation of President Trump lifting many regulations on crypto investing.
December 5: Bitcoin surpasses $100,000 for the first time, marking a yearly gain of more than 140%.
