While many may struggle with the finer points of crypto, pretty much everyone has heard of its most famous product: Bitcoin. But what actually is it?
Bitcoin is a cryptocurrency, which is to say a type of digital currency. Unlike traditional currencies, Bitcoin is not controlled by centralised financial institutions.
This makes it popular for people who think decentralisation can bring financial freedom, but it also makes it extremely volatile with it rising and falling in value at the whim of Bitcoin buyers and sellers.
Donald Trump has pledged to make the US the “crypto capital of the world” – backtracking on his previous claim that Bitcoin was a “scam”.
Its price topped a much-awaited threshold of $100,000 in December 2024, then rose to $120,000 in July 2025 as US politicians prepared to debate bills to regulate digital assets.
In October 2025, Bitcoin hit an all-time high of around $126,000, buoyed by a continued wave of institutional investment and positive market sentiment. But it has been known to plummet in value just as quickly as it spikes.
In early February 2026, its price dipped below $65,000 to effectively wipe out gains achieved under President Trump.
Against the backdrop of these frequent price fluctuations, speculation continues about the true identity of Bitcoin’s mysterious inventor known only as Satoshi Nakamoto.