From trial to trillion dollar property
Bitcoin's foundational document, the white paper written by its creator Satoshi Nakamoto, is now 16 years old.
In the year On October 31, 2008, Nakamoto shared the “Bitcoin: A Peer-to-Peer Electronic Cash System” white paper with a cryptography mailing list, a decentralized, peer-to-peer network capable of preventing double-spending through proof-of-work consensus.
Bitcoin white paper. Source: Bitcoin.org
Just three months later, Nakamoto launched Bitcoin's first block known as the Genesis Block, which awarded 50 Bitcoins (BTC) and launched what is now the world's largest cryptocurrency network.
Sixteen years later, Bitcoin has reached a market cap of more than $1.42 trillion, making it the 10th largest asset globally, according to CompaniesMarketCap.
The World's Greatest Properties. Source: CompaniesMarketCap
A few days before the anniversary of the white paper, the price of bitcoin rose to a seven-month high above $73,600, which some analysts believe is coming within $200 after the US presidential election.
Related: Bitcoin ‘Trump hedge' rally misses all-time highs in macro conditions
Bitcoin: becoming the new “digital gold” for institutions in 16 years
Velar co-founder and CEO Mithil Thakore said bitcoin's growth has been fueled by investor confidence and institutional adoption in its role as a store of value.
Velar told Cointelegraph:
“Bitcoin has evolved from a niche digital experiment to a global asset class that is a traditional store of value like gold. But unlike gold, which took thousands of years to establish itself, bitcoin has managed to attract institutional attention, generate regulatory controversy, and drive the global decentralized finance movement — all in just 16 years.”
According to Thakore, Bitcoin's maturity is evident in the rise of long-term holdings by institutions, deeper integration with traditional financial markets and growing as a hedge against inflation.
Top Bitcoin Holders in the World. Source: Eric Balchunas
Highlighting institutional interest, BlackRock, the world's largest asset manager, surpassed $30 billion in Bitcoin holdings through its Bitcoin Exchange Traded Fund (ETF) on October 30.
Bitcoin ETFs have been gaining attention, highlighting Bitcoin's transformation from a fiat digital currency to a mainstream financial asset.
Related: China's Growing Debt Is a Great Bitcoin ‘Buying Opportunity' – Arthur Hayes
Tether CEO Paolo Arduino says Bitcoin is the best currency for “financial freedom”.
According to Tether CEO Paolo Arduino, Bitcoin has become the world's best currency.
Speaking exclusively to Cointelegraph at Switzerland's Plan B Lugano, Arduino said:
“I'm a Bitcoiner. I believe that Bitcoin is the best currency in the world, but not everyone is ready yet. People have big struggles in their lives and at this time, they don't have time to invest yet to understand Bitcoin. However, I believe USDt's role is to introduce Bitcoin to these people. I believe that barriers are falling.
Bitcoin, Arduino added, offers a different value as an alternative to traditional fiat currencies that face inflation, calling it “the last resort for financial freedom” in a changing economic landscape.
Tether's Paulo Arduino, interview with Zoltan Vardai of Cointelegraph, excerpt. Source: YouTube
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