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The Bitcoin Legacy: 2009-2023, A New Chapter.
Bitcoin, the world's first decentralized digital currency, has come a long way since its creation in 2009 by the mysterious Satoshi Nakamoto. In the early days, it was primarily used as a means of exchange for buying products online, particularly on the dark web. One of the most iconic moments in Bitcoin's history is the "Bitcoin Pizza Story," in which a programmer named Laszlo Hanyecz spent 10,000 Bitcoin on two Papa John's pizzas in 2010. At the time, the value of Bitcoin was still relatively low, but as the value of the cryptocurrency has risen dramatically, the 10,000 Bitcoin used to purchase the pizzas would now be worth billions of dollars.
Fast forward to 2013, when Bitcoin experienced its first bull market. The value of the cryptocurrency rose from around $13 to over $260 in a matter of months, attracting a lot of attention from investors and the public. Many people began to see the potential of blockchain technology and the possibilities for decentralized currencies.
Post 2013, when Bitcoin gained mainstream coverage, many engineers started developing the ecosystem. Many protocols were invented but the introduction of XRP and Ethereum has had the biggest impact on the ecosystem - showing a variety of use cases for decentralised applications. Not long after, another bull market occurred in 2017, when the value of Bitcoin reached an all-time high of nearly $20,000. This was fueled by increased mainstream acceptance and growing interest from investors.
In 2021, Bitcoin reached its current all-time high of $69,000, driven by increasing amounts of venture capital, favourable financial conditions and the adoption of dapps, especially in DeFi. Bitcoin and other cryptocurrencies continued to gain mainstream acceptance and adoption globally, with a number of countries taking steps to formally recognize and regulate the industry. One notable example is El Salvador, which became the first country to adopt Bitcoin as legal tender in June 2021. The country's legislature passed a law allowing all businesses to accept Bitcoin as payment, and the government also committed to holding a portion of its reserves in the cryptocurrency.
Another example is Turkey, which announced plans in December 2021 to launch its own central bank digital currency (CBDC) but also allowed the use of cryptocurrencies like Bitcoin as a means of payment. In the United States, the Office of the Comptroller of the Currency (OCC) issued a letter in July 2021 clarifying that national banks and federal savings associations can provide custody services for cryptocurrencies like Bitcoin. This move was seen as a significant step towards mainstream acceptance of cryptocurrencies in the US.
The next chapter of blockchain will be written with the adoption of international regulation and Central Bank Digital Currencies (CBDCs), which could potentially rival Bitcoin. CBDCs are digital versions of fiat currencies and are issued and backed by central banks. They could offer the same benefits of blockchain technology as Bitcoin, such as security and cost-efficiency, but with the added centralisation that comes with government backing. As more and more central banks explore the possibility of issuing CBDCs, it will be interesting to see how they will impact the future of Bitcoin and the crypto market as a whole.
While it remains uncertain what the Bitcoin price will do against a vibrant macro background during 2023, it is clear that cryptocurrency and decentralised ledger technology as a whole is here to stay. A glimpse at the chart shows that the bear market of 2022 was in line with the previous bear markets - where legacy Fibonacci levels were frontrunned by savvy investors and market makers. A new bull market is definitely in the cards, yet traders and investors should always be cautious against the uncertain geopolitical and financial backdrop of today's society. And, next to that - the coming decade will be a make or break for Bitcoin to become an adopted institutional standard.
On to the next chapter.
Fast forward to 2013, when Bitcoin experienced its first bull market. The value of the cryptocurrency rose from around $13 to over $260 in a matter of months, attracting a lot of attention from investors and the public. Many people began to see the potential of blockchain technology and the possibilities for decentralized currencies.
Post 2013, when Bitcoin gained mainstream coverage, many engineers started developing the ecosystem. Many protocols were invented but the introduction of XRP and Ethereum has had the biggest impact on the ecosystem - showing a variety of use cases for decentralised applications. Not long after, another bull market occurred in 2017, when the value of Bitcoin reached an all-time high of nearly $20,000. This was fueled by increased mainstream acceptance and growing interest from investors.
In 2021, Bitcoin reached its current all-time high of $69,000, driven by increasing amounts of venture capital, favourable financial conditions and the adoption of dapps, especially in DeFi. Bitcoin and other cryptocurrencies continued to gain mainstream acceptance and adoption globally, with a number of countries taking steps to formally recognize and regulate the industry. One notable example is El Salvador, which became the first country to adopt Bitcoin as legal tender in June 2021. The country's legislature passed a law allowing all businesses to accept Bitcoin as payment, and the government also committed to holding a portion of its reserves in the cryptocurrency.
Another example is Turkey, which announced plans in December 2021 to launch its own central bank digital currency (CBDC) but also allowed the use of cryptocurrencies like Bitcoin as a means of payment. In the United States, the Office of the Comptroller of the Currency (OCC) issued a letter in July 2021 clarifying that national banks and federal savings associations can provide custody services for cryptocurrencies like Bitcoin. This move was seen as a significant step towards mainstream acceptance of cryptocurrencies in the US.
The next chapter of blockchain will be written with the adoption of international regulation and Central Bank Digital Currencies (CBDCs), which could potentially rival Bitcoin. CBDCs are digital versions of fiat currencies and are issued and backed by central banks. They could offer the same benefits of blockchain technology as Bitcoin, such as security and cost-efficiency, but with the added centralisation that comes with government backing. As more and more central banks explore the possibility of issuing CBDCs, it will be interesting to see how they will impact the future of Bitcoin and the crypto market as a whole.
While it remains uncertain what the Bitcoin price will do against a vibrant macro background during 2023, it is clear that cryptocurrency and decentralised ledger technology as a whole is here to stay. A glimpse at the chart shows that the bear market of 2022 was in line with the previous bear markets - where legacy Fibonacci levels were frontrunned by savvy investors and market makers. A new bull market is definitely in the cards, yet traders and investors should always be cautious against the uncertain geopolitical and financial backdrop of today's society. And, next to that - the coming decade will be a make or break for Bitcoin to become an adopted institutional standard.
On to the next chapter.
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