Bitcoin at all time high – what to make of the frenzy

Written by Robert Steinadler 5 months ago

Happy Birthday, Bitcoin!

Bitcoin is the world’s first cryptocurrency and the biggest decentralized monetary network up until this day. Many people already celebrated the anniversary of the Bitcoin whitepaper and it is true that the idea of Bitcoin was born with its publication. But the Bitcoin blockchain was started later on January 3, 2009.

How did Bitcoin start and why is it important to remember this historic day aside from celebrating it?

Bitcoin started our collective Independence Day

Bitcoin was started when Satoshi Nakamoto, the mysterious inventor of Bitcoin created the so-called Genesis block. The Genesis block contains an encrypted message that gives away what kind of newspaper Satoshi was reading at that time and also why he invented Bitcoin:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

Bitcoin was the answer to the financial crisis that was perceived by many people as the biggest threat at that time. A single individual is not able to intervene when push comes to shove and the monetary policy is not in favor of the average Joe but rather of the elites and banks.

Bitcoin is meant to change that fact by introducing two aspects that the banking system is lacking:

  1. A fixed supply of money that can be audited by anybody at anytime
  2. Giving everybody full control over their own money. You own the private key, you and only you own Bitcoin

While this idea is very inspiring to many people around the world it remains to be seen if it is going to prevail. Becoming a successful asset in terms of price growth is completely different from becoming the world’s digital currency.

Bitcoin sets two more records in 2022

The year 2022 has only begun and yet Bitcoin is printing all-time highs again. The hash rate found a new peak and also the yearly open. At the beginning of 2021 Bitcoin started at roughly 25.500 Euros and this year started with about 40.500 Euros.

Both stats pay testimony to the constant growth of the network that is in fact the biggest decentralized monetary network in the world. With Bitcoin growing stronger the price might not always reflect its full potential.

It remains to be seen if the biggest cryptocurrency will succeed and take its place as the world’s monetary network that cannot be controlled by any single entity no matter how powerful it is. In the end of day Bitcoin had offered these qualities all the time, but the world has to choose whether it is opting for it or not.

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