Bitcoin Surges Past $100,000

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JIMMY MOYAHA: Today is a historic day for crypto fans, as Bitcoin has reached an astonishing US$100,000 per bitcoin. We’ll examine the implications of this milestone for the broader crypto market, and skeptics of cryptocurrency will surely need to reassess their views.

Read: Bitcoin surpasses $100,000 following Trump’s pro-crypto SEC appointment

Joining me today is Carel van Wyk, the founder of MoneyBadger, to delve deeper into this subject. Good evening, Carel. It’s wonderful to have you here. Today’s milestone is significant not just for Bitcoin but for the entire cryptocurrency landscape. Did you notice how crucial this moment is, especially from a South African viewpoint?

CAREL VAN WYK: Absolutely. Price increases typically lead to a surge in trading volumes. Crossing the $100,000 mark is undeniably important. In fact, on a single exchange in South Africa today, we witnessed over half a billion rand change hands. And that’s merely a fraction of the total activity across the country.

On a global scale, trading volumes are approximately a hundred billion dollars in the last 24 hours, and we anticipate that number to climb in the subsequent hours.

JIMMY MOYAHA: That’s an incredible statistic. Carel, how does this development shape the cryptocurrency landscape? As Bitcoin is the leader and one of the first cryptocurrencies, should we expect that other coins will take advantage of this upward trend? Historically, Bitcoin has led the market, followed by a rise in altcoins.

Are we seeing increased interest in alternative cryptocurrencies right now? Should we brace for a more extensive rally? December has typically been a strong month for cryptocurrencies—at least it has been historically.

CAREL VAN WYK: Indeed, there is often a notable connection between Bitcoin’s price changes and the movements of other cryptocurrencies. However, looking at the long term, it’s clear that Bitcoin is the only dominant player—most other coins lose value when compared to Bitcoin.

Whichever way you look at it, regardless of whether altcoin prices rise or fall in dollar terms, they tend to depreciate when ranked against Bitcoin over longer periods.

JIMMY MOYAHA: The entry of institutional investors and events such as the SEC’s approval of Bitcoin ETFs have certainly impacted Bitcoin’s price volatility. As we consider Bitcoin’s future path and the outlook for cryptocurrencies overall, it’s apparent that cryptocurrencies are here to stay. Bitcoin remains at the forefront. Are we seeing a trend where investors might pivot from traditional asset classes to more seriously consider Bitcoin? Is there a noticeable increase in interest here?

CAREL VAN WYK: That’s a complex query. Whether Bitcoin is seen as a legitimate asset class can vary based on perspective. However, allocating a small fraction of your net worth towards Bitcoin could be a wise option.

In the end, if you commit even a small percentage to Bitcoin over time, it is likely to become a substantial component of your investment portfolio.

We may already be observing instances where significant political decisions are swayed by Bitcoin’s price fluctuations. Over the last three years, numerous countries have adopted Bitcoin as official legal tender. As you noted, the rise of major ETFs marks a crucial turning point, and we can expect further vital developments linked to Bitcoin’s increasing price in the future.

JIMMY MOYAHA: You mentioned the expanding recognition of cryptocurrencies by nations, with El Salvador being a notable example by declaring Bitcoin as legal tender. This clearly indicates there is a market for Bitcoin, regardless of one’s personal viewpoint.

Carel, regarding the broader cryptocurrency ecosystem, discussions around utilizing blockchain technology across various industries have been intensifying. As a proponent of blockchain and Bitcoin, do you believe the current enthusiasm for Bitcoin could translate into wider applications within both the crypto and blockchain spheres?

CAREL VAN WYK: I remain somewhat skeptical of the notion that blockchain is the solution to all problems. Often, simpler database solutions are adequate.

In reality, there are only a few use cases where blockchain is genuinely necessary.

Blockchains, in many instances, are expensive, slow, and complicated to maintain. When authentic use cases do arise, they typically require a high degree of trust—Bitcoin embodies this requirement as a currency that demands substantial trust. However, in most other scenarios I’ve witnessed throughout my decade in the industry, many promoting blockchain are simply generating hype. Analyzing projects and monitoring their sustainability over the last five years can reveal the real applications.

JIMMY MOYAHA: Carel, as we look toward the future of cryptocurrencies, particularly in view of 2025, are you optimistic that Bitcoin’s current momentum will endure? Are we setting our sights on $150,000 as a potential target? Have you reviewed any data? Of course, amidst all-time highs, it’s tough to gauge just how much further we might ascend from this point.

CAREL VAN WYK: Fundamentally, it’s crucial to ascertain whether you consider Bitcoin a scarce resource. If you believe in Bitcoin’s scarcity—whether regarding digital or physical limitation—then as long as more dollars continue to be printed globally, Bitcoin’s price should likely keep increasing in dollar terms.

Read: Crypto trading volume hit $10 trillion for the first time in November

JIMMY MOYAHA: Indeed, the US is not hesitant about printing dollars; they do so quite frequently.

We’ll wrap up our discussion there. Carel, thank you for offering your insights. That was Carel Van Wyk, the founder of MoneyBadger, who joined us today to discuss Bitcoin’s remarkable milestone and the current state of the cryptocurrency market.

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