Bitcoin started in 2008 after the mysterious Satoshi Nakamoto published his ideals on decentralising financial protocols for the current world. Bitcoin was equal to the US dollar back in 2011, and it slowly gained traction in value and gained a bull run from 2016.
Bitcoin was related to scams and used to fund terrorists which deters interested parties and mainstream investors to consider it as a form of financial product, or a commodity? Maybe a fraud or some considered it as digital gold?
Jamie Dimon, CEO and Chairman of JP Morgan, mentioned that Bitcoin is worthless in an Financial Convention in October 2021, you can read more about it, here. While the New York Magazine reported the benefits of Bitcoin comparing it to Gold due to inflation rates that went up from October 2021, more here. It seems there are two schools of thought that evolved with the recent rise of cryptocurrencies’ prices. Where do you stand?
Some relate Bitcoin as a commodity similar to Gold or Oil because it is indeed limited in quantities. When Satoshi designed the idea of Bitcoin, he set the number of Bitcoin that will be able to be available in the market, hence with this limitation, till date we have 119 years left to mint Bitcoin. As we push to the end of 2021, many crypto investors regard that the market has entered the bearish market, where one Bitcoin hovers around $50,000 for one, compared to the previous bear market, a Bitcoin was about $3,800 then.
Trading cryptocurrencies was a trade trick that many laymen were unable to grasp, from the requirements of creating wallets, hot and cold, understanding addresses, gas fee and so on, they would simply return to stock trading despite lesser fees incurred with trading crypto. It was not an attractive enough draw for them. The recent boom of NFT, bridges the gap between laymen users such as gamers, art collectors to Hollywood artistes and many more. These users are able to comprehend the basics of cryptocurrency and how to manage their assets on the marketplace while keeping themselves up to date with the industry.
However, cryptocurrency exchanging was not a stranger to the vices, such as crypto gambling sites mainly built on TRON Network (check out DappRadar listing), it connects users directly using their wallets for entertainment purposes. Those iGaming sites were hit before the NFT boom in 2021, however NFT was not something new, it was first introduced by Dapper Labs, who designed CryptoKitties in 2017, a collectible digital cat series, read more here.
Cryptokitties
Cryptocurrency adoption is moving towards the mainstream, with payment companies providing crypto payments to customers, institutional investors are looking to hedge against Bitcoin, gamers are now playing and earning through GameFI and nonetheless the boom of NFT among collectors. The tide had changed from scams and frauds to an investment option that every investor thinks an investment portfolio should have. What do you think?
To conclude, Person of the Year, 2021, Elon Musk has to say about Bitcoin, the choice is always yours, whether to thread in the world of cryptocurrency.
Risk Warning:
You should be aware that cryptocurrencies are subject to high price-volatilities. You are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. ABCC reserves the right to rescind and terminate our services to users in countries and jurisdictions where relevant laws and regulations apply.
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