Flying High: Why Bitcoin Fans Are Buzzing About Hitting $42,069

“We believe that we invent symbols,” the author Gene Wolfe once wrote. “The truth is that they invent us; we are their creatures, shaped by their hard, defining edges.”

Many creatures of the crypto ecosystem, then, rejoiced Tuesday upon news that Bitcoin had pushed past a powerfully symbolic price: $42,069. 

The numeric figure, in its combined reference to cannabis culture and a mutually beneficial sex position, has long held sway over the hearts and minds of crypto traders and advocates.

As meme numbers, 69 and 420 have enjoyed a particular significance in internet circles for years. Their combined appearance has often been heralded as an auspicious omen. 

Many Twitter users celebrated Bitcoin’s most recent crossing of the $42,069 mark when it first occurred on Monday evening, then once again on Tuesday when BTC retook the figure after dipping slightly. The coin has continued to climb since then, up above $44,000 at writing, according to CoinGecko.

Some even paid tribute to the momentous occasion with sacrifices of small quantities of marijuana. 

This is not the first time BTC has crossed the fabled 420-69 mark. On three other occasions—twice in 2021, and once in 2022—has the world’s top cryptocurrency surpassed the figure while on an upwards trajectory. 

But this most recent occasion carries particular significance. After over a year and a half of dismal fortunes, Bitcoin—along with several other cryptocurrencies and digital assets—is currently experiencing a resounding comeback. Many are optimistic that the latest breaking of the 420-69 seal could spell the end of the ongoing crypto winter and finally bring about an unambiguous crypto bull market. 

In the case of such a miracle, adherents to the magic of meme numbers already have their sights set on another goal, one long considered their holy grail: The oft-fantasized but never-realized ascent of Bitcoin to $69,420. 

In late 2021 at its all-time high, BTC briefly scraped $69,000, only to fall again just before delivering many crypto traders a hotly anticipated bout of catharsis. 

Should BTC make history and break that promised barrier this time around, the event will surely shake the world—though some degens might struggle to properly honor the occasion, at least in the way this Twitter user suggests:

Edited by Andrew Hayward