Bitcoin may be down, but it’s still given users a lot of happiness.Bitcoin Has Outdone All Other InvestmentsPer one source, the currency has risen by more than nine million percent over the past ten years. The 2010s were an up-and-down decade. Many were recovering from the Great Recession that had occurred roughly two years earlier, and several people in the U.S. who had worked in the manufacturing industry were stuck looking for new jobs given that the country had shipped many of its manufacturing overseas.For several people, the standard financial space wasn’t the same. Banks were closing left and right and a lot of younger generations lost trust in the institutions that had once been the backbone of every developed nation. Surely, there was something out there that could restore hope in
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Bitcoin may be down, but it’s still given users a lot of happiness.
Bitcoin Has Outdone All Other Investments
Per one source, the currency has risen by more than nine million percent over the past ten years. The 2010s were an up-and-down decade. Many were recovering from the Great Recession that had occurred roughly two years earlier, and several people in the U.S. who had worked in the manufacturing industry were stuck looking for new jobs given that the country had shipped many of its manufacturing overseas.
For several people, the standard financial space wasn’t the same. Banks were closing left and right and a lot of younger generations lost trust in the institutions that had once been the backbone of every developed nation. Surely, there was something out there that could restore hope in how monetary processors did their jobs.
This is where bitcoin comes in. Sure, the currency had several falls here and there, but in the end, it’s still a solid investment according to some analysts, and those who invested early are likely millionaires by this point.
The skeptics are being forced to look at their past words and ideas with change in their eyes, while other longstanding financial enthusiasts believe bitcoin sparked a fire in investors and traders who sought to find new ways of diversifying their portfolios and trying new forms of technology.
Peter Atwater – president of Financial Insights and a professor at the University of William & Mary in Virginia – stated:
Bitcoin really captured that wild technology enthusiasm that ‘this time is different.’
The world’s number one cryptocurrency by market cap easily outdid any stock market. While the S&P tripled in the 2010s, this was small beans compared to bitcoin’s rise. Precious metals like gold also went up roughly 25 percent, but still – crypto is the dominant investor tool.
In addition, there is a wide argument that this year’s halving will likely cause bitcoin to strike new territory. Andy Bromberg of Coin List believes the halving price has already been factored into bitcoin’s present status. He comments:
Maybe it’s been overpriced in and everyone’s bought into this thesis and we see a dip post-halving. That wouldn’t shock me.
Still, he concludes bitcoin has cemented its position as one of the top trading units of today:
Bitcoin is finding its own narrative as digital gold. It feels like that narrative is picking up steam and it’s breaking away on its own. I would define success for most crypto assets as doing exactly that.
The Influence Must Be Big
David Tawil – president of Pro Chain Capital – also says this decade will need to take on entirely new form if bitcoin is to make any significant change in the financial industry. He states:
The numbers are what appeals to investors. The next ten years need to be a different stage of growth based on totally different factors than the first stage.