As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed numerous groundbreaking events that have reshaped the global economic landscape. Among these transformative moments, Bitcoin’s journey from an innovative concept to a trillion-dollar asset class stands out as one of the most remarkable.
The groundbreaking white paper penned by Bitcoin’s inventor, Satoshi Nakamoto, celebrated its 16th anniversary.
On October 31st, 2008, I unveiled the “Bitcoin: A Peer-to-Peer Electronic Cash System” white paper to a cryptography mailing list, proposing a decentralized and peer-to-peer network that utilizes proof-of-work consensus to prevent instances of double-spending.
In just a matter of three short months, Nakamoto successfully mined the very first Bitcoin block, famously referred to as the genesis block. This pioneering act resulted in a reward of 50 Bitcoins (BTC), thus setting the stage for what has grown into the largest global cryptocurrency network we know today.
16 years after its inception, Bitcoin’s market worth surpassed $1.42 trillion, positioning it as the tenth most valuable global asset, as reported by CompaniesMarketCap.
As we approach the white paper anniversary, I’ve seen Bitcoin’s value surge to a seven-month peak of $73,600, just shy of a new record high by about $200. Some analysts predict that this all-time high could be reached following the US presidential election.
Bitcoin: becoming a new “digital gold” for institutions in just 16 years
According to Mithil Thakore, the surge in Bitcoin’s value is largely attributed to increased investor trust and acceptance among institutions, who view it as a reliable means for storing wealth. (Velar’s co-founder and CEO)
Velar told CryptoMoon:
“Bitcoin has evolved from a niche digital experiment to a global asset class that rivals traditional stores of value like gold. But unlike gold, which has taken thousands of years to establish itself, Bitcoin managed to capture institutional attention, spark regulatory debates, and drive a global decentralized finance movement — all in just 16 years.”
According to Thakore, the maturity of Bitcoin can be seen in several ways: firstly, there’s a rise in long-term investments by institutions; secondly, it’s becoming more intertwined with conventional financial systems; lastly, its usage as a protection against inflation is increasing.
BlackRock, the world’s largest asset manager, exceeded $30 billion in Bitcoin investments via its direct Bitcoin exchange-traded fund (ETF) on October 30th. The growing interest in Bitcoin ETFs signifies the evolution of Bitcoin from a lesser-known digital currency to a significant financial asset.
Bitcoin is the best currency for “financial freedom,” says Tether CEO Paolo Ardoino
According to the CEO of Tether, the company that issues the world’s biggest stablecoin, Bitcoin is now considered the top currency globally.
Speaking exclusively to CryptoMoon at Plan B Lugano in Switzerland, Ardoino said:
“I’m a Bitcoiner. I believe that Bitcoin is the best currency in the world, but not everyone is ready yet. People have bigger struggles in their lives and at this moment, they don’t have the time to invest to understand Bitcoin yet. But, I believe that the role of USDt is also reducing the barrier of entry for these people into Bitcoin.”
According to Ardoino, Bitcoin presents a distinct advantage over conventional fiat currencies struggling with inflation, as it serves as the “optimal choice” or pathway towards financial autonomy amidst an unpredictable economic environment.
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2024-10-31 14:43