Dr. Matthew Joys, Las Vegas
The lowest closing price of Bitcoin (BTC) was $0.05 on July 18, 2010. After 14 years of roller coaster rides, as of this writing today, the price of Bitcoin is trading at $63,147, It is down 5.6% in the last 24 hours. To say that despite this short-term volatility, Bitcoin is up more than 50% year-to-date is no mean feat!
Not only from its origins in the 1970s to the impact of the 2008 financial crisis, but also the recent massive expansion of cryptocurrency continues to grow like a craze on the Internet today. It is a thriller story of mystery, mistrust, risk and reward.
Bitcoin is a form of digital money (cryptocurrency) in which unit transactions are recorded on a digital ledger called the "blockchain". It started as a concept in a white paper in 2008 and has become the best performing asset of the last decade with its 9,000,000% rise in 2021. You can't actually hold a Bitcoin in your hands, but you can make a ton of money from one.
Bitcoin blockchain technology works by recording all Bitcoin transactions across a network of computers. Due to its decentralized nature, it is considered a digital ledger that operates on a peer-to-peer basis. Perhaps the most famous value investor of all time, Warren Buffett is against Bitcoin and other cryptocurrencies, saying, "You can't value Bitcoin because it's not a value-producing asset." Buffett and his holding company, Berkshire Hathaway, are known for their investments in sustainable and profitable companies. However, Buffett's strong anti-crypto stance may change after reviewing the firm's performance in 2024.
Dave Ramsey, a personal financial expert and best-selling financial author, explains that the value of any currency is based on people's trust, "Bitcoin has the least amount of trust." He concluded: “I don't invest in things where people haven't established a long track record of trust. ” One day he may change his views!
No one wants to lose money and that is what puts the crypto bear market under so much pressure. As investments begin to decline, investors may struggle to decide how best to manage their portfolios. It would be great if the crypto market was always going up. However, that is not true. As the old saying goes, "Without risk, there is no reward." Market volatility drives investors to profit. In crypto markets, volatility is considered a feature, but not a constant problem. Bitcoin is not run by any bank or government; It is a peer-to-peer currency.
Unlike the US dollar or any other country's currency, Bitcoin is not underwritten by any government regulation. As MasterCard and other notable companies bring cryptocurrency to their networks, many are asking: Does this shift signal the "beginning of the end" for the dollar?.
Among the main contextual reasons for Bitcoin's inception, which began in the middle of the 2008 financial crisis, was mistrust of banks. Bitcoin started as a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" published on October 31, 2008 by a man named Satoshi Nakamoto. The paper outlined the blockchain technology that underpins the cryptocurrency. The problem with digital money. In March 2014, a news article called "The Face Behind Bitcoin" claimed that the inventor of Bitcoin was a retired physicist named Dorian Nakamoto.
Bitcoin is likely to halve when the reward for mining Bitcoin transactions is halved. These "halvings" reduce the rate at which new coins are created and reduce the available amount of new supply. Bitcoin's last halving took place on May 11, 2020, when supply was halved, resulting in the creation of a block of 6.25 BTC. A bitcoin halving event occurs when the reward for mining bitcoin transactions is halved. Halves reduce the rate of creation of new coins and reduce the available amount of new supply. Bitcoin last halved on May 11, 2020, resulting in a block reward of 6.25 BTC.
By the end of 2024, a crypto storm may be imminent following the upcoming halving and other favorable developments. With a halving, fewer new bitcoins will be created and they will become more scarce. This scarcity could lead to higher Bitcoin prices in the long run. As a result, the price will rise to $67,500 and reach an all-time high between $72,500 and $73,100. Some experts predict UK fintech firm Finder conducted a study based on expert predictions of 40 crypto industry experts on how Bitcoin will perform until 2030. If hearing is to be believed, it's predicted to go as high as $200,000!
Interesting tidbit: In the early days of Bitcoin, a programmer named Laszlo Hanics traded 10,000 Bitcoins for two Papa John's pizzas on May 22, 2010. Today, those pizzas are worth about $613 million. In the crypto community, that date is now celebrated as "Bitcoin Pizza Day." Now talk about an expensive slice of pizza!
