3rd January 2009 is the watershed day that wrote the fate of the next 500 years – rarely in history has a day been seen that has the power to influence the lives of the coming generations
It was the day when Bitcoin was born – invented by Satoshi Nakamoto – with the aim to change the way the world would operate and function.
Since its inception, critics have come forward to foretell that Bitcoin is merely a bubble that will burst and fade off from the face of the earth. But Bitcoin’s resolve proved otherwise!
It kept braving the storm, sailing slowly but constantly. Ultimately, making it to the shores of global acceptance! Today, Bitcoin brags about its enormous market cap of almost $800 billion which is only climbing each year.
Carl Runefelt is a global crypto leader who has invested in more than 360 crypto startups. He is a staunch proponent of Bitcoin and predicts that it will eventually replace the traditional fiat currency.
While speaking on his YouTube channel, The Moon, he expressed, “I believe that Bitcoin is not only going to go to $500,000, I think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, bitcoin could go to trillions of dollars per Bitcoin. Actually, it will because it is inevitable, but because the dollar will collapse at some point.”
Bitcoin As a Currency
Basics first: unlike gold, Bitcoin does not earn revenue in itself. Instead, it is a combination of codes that performs a number of applications. Furthermore, compared to gold it is highly volatile – something that keeps its investors up all night!
You can gauge the level of volatility from the fact that a single tweet from an influential entrepreneur like Elon Musk boosts or plummets the value of Bitcoin.
While commenting on Bitcoin with regard to gold and traditional fiat currency, Carl Runefelt explains, “Gold is much better than fiat, but even then, Bitcoin has a huge advantage. This is because gold has a supply that is increasing very slowly, but it is increasing. Bitcoin is finite, so there is a small advantage there. You can transfer Bitcoin with a click of a button. But if I have to send a million dollars to gold to another country, it’ll cost me maybe more than the gold itself – the bigger the number, the harder to send.”
But some investors like to sail close to the wind with the mantra of higher risk, and higher profits. This is how it goes: whenever the prices of cryptocurrencies drop – for instance as we are observing in the contemporary crypto winter – they buy the dip and hold these coins for good times to come.
And with cryptocurrencies, good times are always around the corner due to accelerating global acceptance. Despite intermittent slumps, the prices bounce back and this is where these investors make a lot of money – becoming multi-millionaires overnight.
What Gives Bitcoin Its Value?
If you often wonder where Bitcoin derives its value, you’re not alone. Let’s decode this for you.
Consider Bitcoin an investment just like shares and bonds. And like them, Bitcoin’s price is concluded how people are thinking about it. If investors are deeming it valuable, they’ll put massive money into it, consequently, increasing its value.
Likewise, the mere mark on its reputation plummets its price.
In a nutshell, as they say, it is what you think it is!
Carl Runefelt, in one of his interviews, expressed, “Bitcoin is the only non-political money in the world. Your bank money can get frozen, and your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden, or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else. I think that is revolutionary.”
Is it a Bubble?
Born in 2009 as a pioneer cryptocurrency, Bitcoin has braved more than seven crypto winters, numerous government crackdowns, attempts at strict regulations, character assassinations (if I can put it this way), and to the least, verbal onslaughts!
But had it been a bubble, it would have burst by now. But it hasn’t! Taking the critics’ word, this “bubble” has only ballooned in size and value. Today, its market value stands at a towering $800 billion, literally silencing its critics.
The march is on; experts now predict that it will eventually replace the traditional fiat currency as a new world digital currency. As Bitcoin’s embrace is on the rise, its volatility will significantly reduce, which will further increase investor confidence.