Bitcoin Hits All-Time High, Twitter Erupts With Memes and Reactions

The value of Bitcoin has hit an all-time high, surging past the $20,000 mark for the first time.

The cryptocurrency blasted through the $20,000 barrier between 8.35 a.m. and 8.40 a.m. ET on the morning of Wednesday, December 16, according to the Luxembourg-based exchange Bitstamp, peaking at $20,800 at 9.35 a.m.

Bitcoin's previous high point came on November 30, when it hit $19,850.

It's been a remarkable year for Bitcoin investors. Just nine months ago the value of Bitcoin plummeted sharply, dipping below $4,000 at one point in March, amid the economic fears brought about by the COVID-19 pandemic.

Many at the time, most memorably the National Security Agency whistleblower Edward Snowden, sensed it would be an ideal opportunity to invest. Those who took the plunge will feel more than satisfied at the crypto-asset's subsequent spectacular recovery.

Cameron and Tyler Winklevoss are two of the world's most famous Bitcoin billionaires, and the former was quick to congratulate any fellow Bitcoin investors who had stuck with the cryptocurrency through its early-year slump.

I just finished meditating and when I looked at my phone I was greeted with this. We did it! #Bitcoin has surpassed its all-time high — congratulations to all you HODLers out there.

— Cameron Winklevoss (@cameron) December 16, 2020

Tyler was clearly also very excited, and just wanted to say something.

#Bitcoin is trending

— Tyler Winklevoss (@tyler) December 16, 2020

Others were keen to declare to the world that they, too, had never lost faith in Bitcoin, and had stuck with it through thick and thin.

New #Bitcoin ATH. Feels good being on the right side of history.

— Angelo฿TC (@AngeloBTC) December 16, 2020

Even Snowden, who has a few other things on his plate right now, couldn't resist throwing his two cents in.

One word: Bitcoin.

— Edward Snowden (@Snowden) December 16, 2020

And, of course, there have been some excellent memes and visualizations of people's feelings during these exciting times, and a few very questionable entries too.

Come on #Bitcoin light my fire!

— Bitstamp (@Bitstamp) December 16, 2020

#Bitcoin smashing through $20,000 guys!! 🚀

— Danny Scott (@CoinCornerDanny) December 16, 2020

Telling your friends you put everything into #bitcoin at $3,200 vs $19,500

— AMERICAN HODL (@AMERICANHODL2) December 15, 2020

#bitcoin excuses

— Sukhi Sukhraj (@Sukhi_sukhraj) December 15, 2020

Your friends and family during the 2021 #Bitcoin bull market.

— PUBLORD.HODL ☣ (@guydbennett) December 15, 2020

But amid the jubilation and back-slapping, there has also been a little bit of this from Bitcoin-watchers who have never quite got around to figuring out how to buy the cryptocurrency.

Me everytime when i see #Bitcoin price break new records.

— عظيم (@Being_Akbar) December 16, 2020

And, naturally, there are also countless Twitter accounts claiming that they'll give away free Bitcoin to one lucky person who engages with them on the micro-blogging site, an offer far too generous and ubiquitous to be true.

There have also been more than a few updates containing some rather colorful language, from Bitcoin investors who are looking to cash-in but can't because their coin exchange of choice has frozen.

Bitcoin and cryptocurrencies in general are notoriously volatile, and have been known to either crash or surge for no immediately obvious reason.

As such, it isn't completely clear what or who triggered this latest spike in its value.

Speculation and subsequent rises in consumer interest have been known to boost its price, though it's also possible that so-called Bitcoin whales, the largest traders who own so many Bitcoin that they can manipulate the market in one fell swoop, may have played a role in fueling this latest price rise.

A visual representation of Bitcoin crytocurrency
A visual representation of the cryptocurrency Bitcoin on November 20, 2020 in London, England. The value of Bitcoin has reached an-all time high of more than $20,000, just nine months after dipping below $4,000. Jordan Mansfield/Getty Images