In April 2021, Bitcoin hit an all-time high of over $63,000. This meteoric rise and Bitcoin bull run is a story over a decade in the making, as Bitcoin first arrived on the scene in 2009. The first purchase using Bitcoin was for pizza in 2010, assigning monetary value to the currency. In 2013, Bitcoin grew to $1,000 per coin before crashing to $300, indicating a future trend of volatility. Still, Bitcoin continued to recover value over the next few years even while operating next to other cryptocurrencies. The more establishments, banks, and fintech institutions that acknowledge Bitcoin, the more useful it is as an asset. By 2019, Bitcoin prices more than doubled, outperforming even the best stocks. As the global economy slowed in 2020, cryptocurrency funds and futures became attractive to investors.
Why do people want to use Bitcoin? Beyond the value assigned to it by the market, Bitcoin has a finite supply compared to official currencies, making it a hedge against inflation. Its success has prompted adoption of central bank digital currencies across the globe and persuaded the Office of the Comptroller of the Currency to give banks permission to hold crypto on its customers’ behalf. Apple Pay also began accepting BitPay, a prepaid Bitcoin MasterCard. As worries about future inflation continue, more institutions see Bitcoin and other cryptocurrencies as a safe thing to accept.
Going forward, one should expect to see rapid adoption of crypto cards, emergence of new use cases for crypto, and increased investing in Bitcoin from traditional finance leaders. Of course, it’s important to adopt a crypto trading strategy. Investors should also watch out for the cost of mining coins. In 2018, crypto mining accounted for 1% of global energy consumption. In 2020 alone, Bitcoin consumed 120 gigawatts per second, the equivalent of 156 million horsepower.
Crypto is the future of currency. Don’t get left behind:
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