https://sputnikglobe.com/20250103/bitcoins-rise-and-rise-from-quirky-novelty-to-coveted-asset-of-central-banks-and-hedge-funds-1121343303.html
Bitcoin’s Rise and Rise: From Quirky Novelty to Coveted Asset of Central Banks and Hedge Funds
Bitcoin’s Rise and Rise: From Quirky Novelty to Coveted Asset of Central Banks and Hedge Funds
Sputnik International
January 3 marks the 16th anniversary of the creation of Bitcoin Block #0 – the ‘Genesis Block’ mined by pseudonymous Bitcoin creator Satoshi Nakamoto to form the very first link of the cryptocurrency’s chronological blockchain. How has Bitcoin transformed in the decade and a half plus since it's creation? Sputnik explores.
2025-01-03T13:43+0000
2025-01-03T13:43+0000
2025-01-03T13:57+0000
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With the mining of Block #0, the Bitcoin network was officially launched, and the decentralized, finite, and semi-anonymous electronic cash system outlined by Satoshi Nakamoto in his October 2008 white paper was born.Block #0 featured an embedded Times headline: “Chancellor on brink of second bailout for banks,” defining Bitcoin’s ideology as a means of exchange free from banker and state control.Bitcoin’s rise began modestly, trading for $0.00099 per coin in 2009, hitting $1 in 2011, $100 in 2013, $1,000 in 2014, $10,000 in 2017, and $100k in late 2024. Each peak has been accompanied by massive plunges (up to 80%) before continuing the upward march.For many years, Bitcoin’s extreme volatility undermined its sheen as a means of exchange or store of value. Government crackdowns, environmental concerns (crypto mining and data centers, including for Bitcoin, account for 2% of global electricity use, and 1% of global emissions), and mainstream media portrayals of the cryptocurrency as a haven for criminals also helped put off institutional investors.If You Can’t Beat ‘Em, Join 'Em?El Salvador became the first country to declare Bitcoin legal tender in 2021, but 2024 seems to have become the real turning point for the cryptocurrency, with banks and hedge funds like JP Morgan and BlackRock entering the market in a big way, amassing 5% or more of all coins, as states’ holdings reached 2%+, and Bitcoin reached a market capitalization of over $2 trillion (topped only by gold and Big Tech).Bitcoin’s benefits, from long-term hedge against inflation to source of quick liquidity and tool for evading restrictions, seem to have finally been accepted by global elites.
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who owns bitcoin, has bitcoin been coopted, is bitcoin safe, is bitcoin good, what are bitcoin's benefits, what are bitcoin's risks, do governments own bitcoin, do banks own bitcoin
who owns bitcoin, has bitcoin been coopted, is bitcoin safe, is bitcoin good, what are bitcoin's benefits, what are bitcoin's risks, do governments own bitcoin, do banks own bitcoin
Bitcoin’s Rise and Rise: From Quirky Novelty to Coveted Asset of Central Banks and Hedge Funds
13:43 GMT 03.01.2025 (Updated: 13:57 GMT 03.01.2025) January 3 marks the 16th anniversary of the creation of Bitcoin Block #0 – the “Genesis Block” mined by pseudonymous Bitcoin creator Satoshi Nakamoto to form the very first link of the cryptocurrency’s chronological blockchain. How has Bitcoin transformed in the decade and a half plus since its creation? Sputnik explores.
With the mining of Block #0, the Bitcoin network was officially launched, and the decentralized, finite, and semi-anonymous electronic cash system outlined by
Satoshi Nakamoto in his October 2008 white paper was born.
Block #0 featured an embedded
Times headline: “Chancellor on brink of second bailout for banks,” defining Bitcoin’s
ideology as a means of exchange free from banker and state control.
Bitcoin’s rise began modestly, trading for $0.00099 per coin in 2009, hitting $1 in 2011, $100 in 2013, $1,000 in 2014, $10,000 in 2017, and $100k in late 2024. Each peak has been accompanied by massive plunges (up to 80%) before continuing the upward march.
For many years, Bitcoin’s extreme volatility undermined its sheen as a means of exchange or store of value.
Government crackdowns, environmental concerns (crypto mining and data centers, including for Bitcoin,
account for 2% of global electricity use, and 1% of global emissions), and
mainstream media portrayals of the cryptocurrency as a haven for criminals also helped put off institutional investors.
16 December 2024, 05:21 GMT
If You Can’t Beat ‘Em, Join 'Em?
El Salvador
became the first country to declare Bitcoin legal tender in 2021, but 2024 seems to have become the real turning point for the cryptocurrency, with banks and hedge funds like JP Morgan and BlackRock
entering the market in a big way, amassing 5% or more of all coins, as states’ holdings reached 2%+, and Bitcoin reached a market capitalization of
over $2 trillion (topped only by gold and Big Tech).
Bitcoin’s benefits, from long-term hedge against inflation to source of quick liquidity and tool for evading restrictions, seem to have finally been accepted by global elites.
Trump’s election victory, promises to make the US the “crypto capital” of the world, and appointment of venture capitalist David Sacks as his “crypto czar” have sent Bitcoin soaring, signaling a bright financial future for the cryptocurrency, although one far removed from its anti-establishment origins.
24 December 2024, 14:14 GMT
