By Pete Rizzo, Bitcoin historian
At the time, Bitcoin was the toast of the dominant financial current. Books were written on the subject, Bloomberg welcomed a special Christmas special “12 days of Bitcoin” (where the host was stolen in the air), and each opinion leader of Silicon Valley had an opinion on his future.
Then reality struck. The hollow of disillusionment. Startups pivoted and failed.
It was my years of training in the Bitcoin industry. I never ceased to believe that the world envisaged by technologists of the time was possible, but the high prices projections of the sky felt far away. Bitcoin was involved in a civil war, there was a fight on what the blockchains infrastructure would be and the banks even offered private versions of technology.
It is enough to say that if you had asked me to imagine what the world would look like when Bitcoin reached $ 100,000, I would probably have had the following answer – Bitcoin would be understood and accepted, the scientific experience of the first days of the industry would be finished, and its technology would be accepted and current.
I was sure that it would be far from what things looked like when I started – with Bitcoin users having to wire money via strange Russian payment intermediaries to transform (or need to buy it, in person, to foreigners on the street).
Although this part has certainly changed, I would have been wrong on rest.
Today, it makes me even more optimistic about the future appreciation of Bitcoin prices.
Go to the dominant current
Of course, I am ready to admit the evidence. In 2025, Bitcoin was common. The President of the United States does not only have it, it is an important part of his political platform. The main stars of pop like Drake are not content with exchanging it, their rap neme check it on their dissolved tracks.
However, there is still a generalized confusion both on what Bitcoin is and the way in which future financial infrastructure will be following its proliferation. Already, it is a fact that the new administration had to face its policies.
As the debate on the American bill on the structure of the market for digital asset market shows, there is not yet a consensus on what cryptoassets are, even within the industry. Some (like me) consider Bitcoin as a differentiated digital gold, which will probably evolve to be the global regulation network. Others consider cryptocurrencies as a class of assets, the sums in competition with different properties.
Of course, many Americans have a bitcoin or other cryptocurrencies, but they do not use crypto for daily financial transactions. For the most part, it is a long -term economy or a speculative vehicle, that which is only a small part of their financial planning. Surveys show that they are open to alternatives to traditional finances, but that they do not quite take digital assets – even bitcoin – seriously.
Even those who invest there do not understand it, according to the polls.
Admittedly, this disconnection makes a flourishing market. Every day now, there are thousands of digital assets, and CoinmarketCap already follows 15.1 million of them. But are they really just memes?
The Bitcoin movement began with the intention of revolutionizing finance. Many manufacturers I know always work on effort.
Without a doubt, the market must ultimately have a clear and generalized agreement on the difference between bitcoin and other cryptocurrencies. There may have been a time when there were hundreds of competitors on the internet, and companies must have asked whether to create a website on AOL or Earthlink. Today, I doubt that you read this article on one or the other.
The case for $ 1,000,000 Bitcoin
Unfortunately, those who have entered the industry lately can have a reaction similar to what I had done in 2013, hearing the projections from top to bottom for the Bitcoin price and assuming that they have missed the boat.
If you are one of these newcomers, I would ask you to step back. Has Bitcoin reach its full potential? Sixteen years after its launch, Bitcoin remains a unique entry on the world monetary scene – if you look at a list of the best currencies in the world, it’s the only one to be:
- Not issued by a society or a government
- Has a finite money supply
- Has a transparent and verifiable monetary policy
Add to the fact that the high -level layers like the Lightning network allow Bitcoin to compete in global payments, and I hope you get the image, Bitcoin is money redesigned as a network, the one that deactivates money from its current form – databases owned and used by centralized entities in separate geographic areas.
Consider trends – public enterprises and nation states buy Bitcoin, as are Wall Street investment companies via vehicles like ETF.
Then there is the computer network that works Bitcoin – there is already more than 7 times the size of Google and growth. Now imagine the network when all the aforementioned trends reach maturity. It doesn’t seem to be very close to the dream, right?
Slowly, unchanging, towards acceptance
What is Bitcoin? Well, today, this is a question that could still make your friend send you a 30 -minute documentary. There is a famous television clip that sums up the phenomenon – one from 1994 in which the hosts of “The Today Show” debate from the Internet. No one knew how to describe it.
Today, Bitcoin and cryptocurrencies are an “internet superhigle”, “an internet of money”, the type of technology capable of great things, but limited by our ability to describe it.
My feeling is now that this best sums up what the transition will look like a bitcoin and crypto-propelled world, this gap is filling between the aspiration of language and reality.
As Bitcoin is $ 1,000,000, no one will need exotic analogies to describe it. If we do it, complete, because we could just be much higher prices.
Pete Rizzo is a leading Bitcoin historian and author of more than 2,000 articles on cryptocurrency.
The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to a discussion, completion and more in -depth amendment. These documents are for general purposes only and are not investment advice or a recommendation or solicitation to buy, sell, enforce or maintain a cryptoasset or to engage in a specific negotiation strategy. Kraken makes no representation or guarantee of any kind, express or implicit, as to accuracy, exhaustiveness, speed, relevance or validity of this information and will not be responsible for errors, omissions or delays in this information or any loss, injury or damage resulting from its display or use. The opinions and opinions expressed in this article are those of the author and do not necessarily represent the opinions or opinions of Kraken or his management.
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