Bitcoin hits $150,000
It's a new Australian all-time high for Bitcoin
As the crypto world waits with bated breath for Bitcoin to finally cross the US$100,000 mark, closer to home it's quietly set a different record, passing the AU$150,000 for the first time ever on Thursday.
While it's unlikely to garner international headlines, it's still a major milestone for the world's largest cryptocurrency, as mainstream interest reaches a fever pitch around Bitcoin and the wider crypto industry.
But it hasn't all been smooth sailing.
Bitcoin was trading for less than $25,000 as recently as 2022, and its future outlook was muted as the crypto industry grappled with the fallout of the collapse of crypto exchange FTX and the end of another boom and bust cycle.
Less than 2 years on, Bitcoin is undoubtedly in the strongest position it has ever been as it continues to move from a niche, speculative gamble to a legitimate financial asset coveted by both institutional and retail investors.
Spot Bitcoin ETF approvals in both the US and Australia set the scene for a strong 2024, with more than US$130 billion flowing into the US ETFs since they started trading in January.
The recent launch of Bitcoin ETF options has accelerated things, and Bitcoin-related equities (including ETFs, options and ersatz Bitcoin trust MicroStrategy) hit a record US$70 billion in total volume on the US stock market yesterday.
While it's likely to be lost in the noise of Bitcoin hitting US$100,000 sometime in the near future, the $150,000 mark is still one worth celebrating, and shows how far Bitcoin has come... and how much further it may have to go.
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