The Bitcoin revolution is here… Again!
Back in 2017, the price per bitcoin fluctuated between 7,600 and 8,100 dollars in November that year. This week, bitcoin passed $50,000 with a market value approaching $ 1 trillion.
In one year, the price has soared with an increase of 323 percent.
Have we reached a peak or has the revolution just begun?
Much of what Arash Gilan wrote in 2017 he still sticks to, with bitcoin blockchain was launched and it is a whole new era for the internet. Some believe that it is the new form of internet that we are at the beginning of. He holds bitcoin and blockchain as one of the greatest technological inventions of our time – in the same way, that people underestimated the internet in the 90’s, most people underestimate blockchain today, even though more dragons are now waking up from their slumber. Blockchain is about a decentralized world with the power of the individual.
There are a total of 21 million bitcoins and of these, just over 18.5 million are already mined. If you believe in a digital future, then in my opinion it is completely crazy not to believe in digital currencies. Because how can the internet exist without it having a currency?
In that matter, bitcoin is the very foundation because it is both the largest currency but also the basis for blockchain as a phenomenon. But one should see bitcoin more as an asset like gold than a currency.
To give some perspective, more dollars were “created” in one year in the United States than has been done in two centuries.
But why has bitcoin increased as it has in recent months? First of all, it is the awakening around what currency is – traditional towards the new ones. The US Federal Reserve printed over $ 9 trillion in 2020 alone due to the corona crisis.
In other words, just over 23 percent of all dollars circulating in the world were created out of nothing in one year.
To give some perspective, more dollars were “created” in one year in the United States than has been done in two centuries. And then there are people who say that bitcoin is a scam?
The market barely reacted to the message, but in the long run, Arash thinks it has major consequences for our confidence in the dollar as the world’s main currency. It is thus no coincidence that the dollar loses its attractiveness and bitcoin increases its.
The Bitcoin Revolution is here!
The second reason is that large companies, funds, and institutions have woken up from their slumber.
In 2020, giants like Jack Dorsey (Twitter’s founder) other company Square started to invest in bitcoin. In the autumn, the giant Paypal announced that it will invest heavily in bitcoin and enable transactions via its platform.
The most visible giant to enter the bitcoin arena is Elon Musk with his newly discovered interest in bitcoin, where he decided that $ 1.5 billion from Tesla’s cash will be invested in bitcoin. In just a few weeks, the return on that investment is more than Tesla’s entire profit since they started. Following Musk’s announcement, other billionaires, as well as companies, have followed and the domino effect is thus underway.
It is not impossible that bitcoin can pass $ 100,000 within a year. Others may continue to say that it is rubbish, the new “tulip bubble” or that there is no “real value”, but history teaches us something else as bitcoin is now a phenomenon over 10 years old. Can deflation occur and bitcoin go down to zero? Of course, it can and that is the risk with all investments, but the dream of bitcoin is much bigger than that. Arash Gilan – CEO and co-founder of Viva Media.