Subsequent to beginning 2021 in the $30,000 territory, Bitcoin expanded consistently and hit its present record-breaking high when it went more than $68,000 on Nov.
What is Bitcoin?
A cryptocurrency. It was released in 2009, when the founder of Bitcoin, Satoshi Nakamoto, released the first software with the purpose of creating a digital currency. This cryptocurrency is completely decentralized, meaning no one can control its monetary policy or make decisions.
This digital currency isn’t tied to any bank or government or company. It is independent of this. In the year 2013, the currency is now worth $160 billion and is considered by experts to be the new gold.
Why Is It the Next Gold?
Some experts have compared Bitcoin to gold because they both have many historical, cultural and technological values. Gold is a safe haven asset that increases in value if there is a global crisis.
Where Will Bitcoin Go in the Next 10 Years?
During his presentation, Michael Casey made it clear that he still believes that blockchain technology is a disruptive force, just not for currency. Casey said that blockchain technology is a must-have in any industry, but the technology is already widespread enough and is being used in all industries such as banking, healthcare, insurance, and real estate. The problem, he said, is the majority of businesses don’t know about or understand the need to adopt blockchain technology to facilitate transactions. He gave an example of Uber, which essentially uses blockchain technology to book trips between riders and drivers. He said there are approximately 40 million drivers around the world.
This is not the first time Casey has thrown shade at Bitcoin.
What to Expect from Bitcoin in 2022
“Bitcoin is, fundamentally, a cryptographic currency,” explains Thomas Glucksmann, COO at Gatecoin, a bitcoin exchange, on Dec. 12. “The first thing that you have to do is take all these billions of people and convince them to trust you with their money and transact safely, securely and reliably. You can do this.”
Mike Novogratz, the billionaire former hedge fund manager, sees major milestones in the future for cryptocurrency. Novogratz, who’s launching the Digital Currency Group, told CNBC’s Fast Money on Nov. 26:
“We are already in the second stage of the 21st century. We are going to do things we have never done in the world before. Think about mobile phone payments in China or remittances in Latin America, especially Mexico, but even in Argentina.
After that initial correction in early 2018, Bitcoin really began to pick up. Since August of 2018, Bitcoin has appreciated over 300%, and since January 2019, it has appreciated over 20% per month. Given the strong performance since the start of this year, we believe the market has finally hit a wall.
Many people have said that Bitcoin is “out of bubble territory” and that it is running out of steam. We are prepared to call bull on Bitcoin. In a very broad sense, Bitcoin has two definitions.
Bitcoin is an asset on the BitShares platform. A Bitcoin asset is a certain type of asset on the BitShares platform. For example, as a “long” BitShares token (BTS) holder, you may want to spend your BTS for goods or services that require it. This means that you want to use your BTS as money.