Bitcoin (BTC) just clocked ten years in the digital currency industry. Bitcoin has had a spectacular ride over the years. The digital currency has had initial obscurity – the kind of massive price surge last seen by Dutch tulip peddlers. Many have also criticized the underlying technology of Bitcoin (BTC) – Blockchain. Over the past year, the value of the digital currency has been on a continuous downward trend.
It’s been ten years since the anonymous creator of the project – Satoshi Nakamoto – mined the first block of Bitcoin (BTC) – Genesis Block. With its focus on institutional destruction and the creation of wealth, Bitcoin (BTC) provides direct access to the Silicon Valley character.
If you think firms such as Google and Facebook are about to manipulate the public to make money without concern about the damage done to the society, then the story of Bitcoin (BTC) should be studied. However, looking back to 2011, there were many ominous signs. A lead developer of the software that controls Bitcoin (BTC) – Gavin Andresen – said that he thought of Bitcoin (BTC) in terms of market cap – that is the digital currency was worth the value of a digital currency multiplied by all the coins in circulation.
The thought experiment is now a venture. Then, Bitcoin (BTC) was valued using the method of Andresen at $100 million. Using the same method, BTC peaked at over $300 billion in late 2017. Many didn’t take Bitcoin (BTC) seriously when it emerged. In 2011, the Electronic Frontier Foundation started returning donations they received in Bitcoin as a result of their legally dubious status. They later had a U-turn and started accepting the digital currency.
WikiLeaks – an online global muckraking – is one of the firms that were eager to solicit Bitcoins. In 2017, a tweet associated with the founder of the platform – Julian Assange ironically thanked the U.S government for making it difficult for them to accept ordinary donations in 2010. The founder said that made them invest in Bitcoin (BTC) and they got a return of more than 50,000 percent.
Rather than seeing these as troubling trends, Silicon Valley bet on BTC. Major Venture Capital firms invested in businesses that are aimed at encouraging speculation by converting Bitcoin (BTC) to USD. Famous figures such as the Winklevoss twins and Peter Thiel disclosed it that they had personally invested in Bitcoin (BTC). That is when the phrase “Bitcoin billionaire” started emerging.
With such an obviously insensitive purpose, BTC-related investments were hard to dress up in the distinctive “make the world a better place” Silicon Valley rhetoric. In a Twitter post back in 2014 – which was later deleted, Marc Andreessen – a venture capitalist – said that investors speculating on the value of Bitcoin (BTC) served a publicity purpose. This means that they came the instant millions but remained for the peer-to-peer and borderless exchanges.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the most dominant digital currency in the world is trading at $3,983 after a decrease of about two percent over the past twenty-four hours. Bitcoin (BTC) currently boasts of a market cap of $69.31 billion with a trading volume of $3.21 billion over the past twenty-four hours.