The world is undergoing abysmal digital transformation pushing economies towards rapid cryptocurrency adoption. Bitcoin is touching its all-time high while fiat currencies lose their sheen due to economic uncertainties across the world.
Bitcoin touched $35000 On January 3rd, 2021 twelve years after the first Bitcoin block was mined by Satoshi Nakamoto.
Bitcoin Turns Twelve Touching $35000 mark.
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, mined the first block 12 years ago sharing a message embedded in the first block. The statement read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. The message depicted the economic crisis of 2008-9 when the government started to bail out the banks, and there was high inflation due to the global recession. The message is strangely pertinent even today since the global economy is suffering amid the massive Coronavirus outbreak, which has impacted businesses across countries.
As the governments imposed massive lockdowns and widespread travel restrictions, the dependence on digital platforms increased multifold. There is also a humongous impact on fiat currencies as countries print more currencies. Bitcoin is considered a safe hedge against inflation, and through its limited supply and decentralized nature, it can potentially be the new-age global currency. Financial experts are vouching for Bitcoin as a global investment too and a more dependable store of value,
As Bitcoin rallies to its all-time high major financial institutions and investors have shown an immense inclination towards cryptocurrency. As Bitcoin turned 12, many crypto enthusiasts and followers took to their social media channels to highlight the same. Crypto influencer @Pompliano wished happy Birthday to Bitcoin and said that the cryptocurrency has grown to &600 Billion in last 12 years which is impressive and breathtaking.
Andreas M Antonopoulos, a crypto expert, also said that the Bitcoin experiment changed the world forever separating money and state. He also thanks to Satoshi Nakamoto and Hall Finney for the Bitcoin innovation.
Bitcoin is gaining massive popularity in present times, and many mainstream financial institutions like PayPal, Square and MicroStrategy continue to invest in Bitcoin. The cryptocurrency space would continue to grow at an exponential rate for the next few years and revolutionize economies.
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