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JIMMY MOYAHA: Today is a significant day for crypto fans, as Bitcoin has reached an impressive US$100,000 per coin. We’ll discuss what this achievement means for the overall cryptocurrency market, and skeptics of cryptocurrencies will certainly need to reassess their views.

Read: Bitcoin climbs past $100,000 thanks to Trump’s pro-crypto SEC appointment

Joining me is Carel van Wyk, founder of MoneyBadger, to explore this topic further. Good evening, Carel. It’s great to have you. Today’s milestone is crucial not only for Bitcoin but for the entire crypto ecosystem. Did you realize the gravity of this moment, particularly in the South African context?

CAREL VAN WYK: Definitely. A price increase usually leads to a spike in trading volumes. Crossing the $100,000 mark is incredibly significant. Just today, one exchange in South Africa recorded over half a billion rand in trades. And that’s merely a portion of the total activity happening nationwide.

Globally, trading volume has reached about a hundred billion dollars in the last 24 hours, and we anticipate even higher numbers shortly.

JIMMY MOYAHA: That’s a remarkable figure. Carel, how does this event shape the crypto landscape? Given that Bitcoin is a pioneer in the cryptocurrency space, should we expect other coins to ride this wave of momentum? Historically, we’ve seen Bitcoin lead the way, followed by increases in altcoins.

Are we currently observing a rising interest in alternative cryptocurrencies? Can we expect a wider market rally? December has typically been a strong month for cryptocurrencies – it has been in the past, at least.

CAREL VAN WYK: Yes, there’s often a strong connection between Bitcoin’s price movements and those of other cryptocurrencies. However, in the long run, it’s clear that Bitcoin is the main player—other coins generally lose value relative to Bitcoin.

Whether altcoin prices rise or fall in dollar terms, they often depreciate when compared to Bitcoin over longer timelines.

JIMMY MOYAHA: The entry of institutional investors and developments like Bitcoin ETFs approved by the SEC have undeniably influenced Bitcoin’s price volatility. Looking ahead, it’s evident that cryptocurrencies are here to stay with Bitcoin leading the charge. Are we witnessing a trend where investors might shift from conventional asset classes to seriously consider Bitcoin? Is there an increase in interest in this regard?

CAREL VAN WYK: That’s a complex question. Whether folks now see Bitcoin as a legitimate asset class can vary based on perspective. However, having a small portion of your overall wealth in Bitcoin might be a wise strategy.

Ultimately, even a modest investment in Bitcoin over time could evolve into a significant segment of your portfolio.

We may already be in a situation where major political occurrences are influenced by Bitcoin’s fluctuations. In the last three years, nations have begun adopting Bitcoin as legal tender. As you noted, the rise of significant ETFs indicates a pivotal shift, and we can expect additional critical developments linked to Bitcoin’s increasing price in the future.

JIMMY MOYAHA: You mentioned the growing acceptance of cryptocurrencies by countries, with El Salvador taking the lead in recognizing Bitcoin as legal tender. This clearly showcases the market potential for Bitcoin, irrespective of one’s viewpoint.

Carel, in light of the broader crypto ecosystem, discussions have surged about leveraging blockchain technology across various industries. As an advocate for blockchain and Bitcoin, do you feel that Bitcoin’s current momentum could lead to more widespread applications in the crypto and blockchain sectors?

CAREL VAN WYK: I tend to be cautious about claims that blockchain provides solutions to all problems. Often, a traditional database would be just as effective.

In reality, there are only a limited number of use cases that genuinely require a blockchain.

Blockchains can be expensive, slow, and complicated to handle. When genuine use cases arise, they typically require high trust—Bitcoin qualifies as a currency that necessitates substantial trust. However, in many other scenarios I’ve witnessed over my ten years in the field, many promoting blockchain are essentially peddling illusions. By assessing projects and monitoring their longevity over the past five years or more, we can identify real applications.

JIMMY MOYAHA: Carel, as we approach 2025, are you optimistic about Bitcoin’s current momentum holding strong? Are we aiming for $150,000 as a potential target? Have you evaluated any trends? Of course, predicting how much higher we might go from these all-time highs is challenging.

CAREL VAN WYK: Fundamentally, it’s crucial to clarify whether you see Bitcoin as a scarce asset. If you think of Bitcoin as scarce—whether digitally or in contrast to physical scarcity—then as long as the world continues printing more dollars, Bitcoin’s value should likely trend upward.

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

JIMMY MOYAHA: The US is certainly not hesitant about printing dollars; they do it quite often.

We’ll wrap up our discussion here. Carel, thank you for sharing your valuable insights. That’s Carel Van Wyk, the founder of MoneyBadger, who joined us today to analyze Bitcoin’s historic achievement and the current state of the crypto market.

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