In recent months, gold has lost it’s superior value to bitcoin.
Bitcoin’s start was unstable but this recent development implies increasing stability and rise in value.
Learn more about the value of bitcoin below.
To understand the importance of this development, let’s look at some recent history.
Since bitcoin launched in 2009, it’s trajectory has been particularly shaky. As such, some questioned the value of bitcoin and its staying power.
As a cryptocurrency, bitcoin offers anonymity and the ability to avoid middlemen, like traditional financial institutions.
As you may imagine, this can be used for both good and bad. This freedom is unprecedented in current financial institutions and has been used as an avenue for criminal activity.
Bitcoin’s shaky standing doesn’t end there. In November 2013, the value of bitcoin hit an all-time high (ATH) at $1,165. This drew excitement from many who use bitcoin.
However, the development was questioned not long after as claims of trading bots significantly influencing the value hike surfaced.
After this high, bitcoin value plummeted in 2014 which stayed far below the four-digit range.
But in February, bitcoin broke through a legitimacy threshold: it hit a new ATH and its value surpassed that of gold.
Current Value of Bitcoin
On February 23rd, 2017 bitcoin value hit a new all-time high of $1,168. Just over a week later, Bitcoin reached a new ATH, surpassing that of gold.
Bitcoin was priced at $1,268 per BTC to gold’s $1,233 on March 2nd.
Its price has since fallen, but not dramatically. Not only has it stayed close to this ATH, it has held this position longer than its ATH in November 2013.
The value of bitcoin staying near its new ATH is exciting because it suggests bitcoin can continue to climb in value, eventually being used by a variety of people.
Bitcoin’s future looks bright.
Astonishing predictions and aggressive patent filing lay the groundwork for bitcoin’s new beginning.
Publications like Fortune, Coin Telegraph, Virtual Currency Today, and Coin Desk predict that Bitcoin’s value will triple in 2017. The predictions were made in December 2016 when bitcoin hit its 2016 high at $807.
President Trump’s plan to increase infrastructure spending coupled with the reports that the Federal Reserve would raise rates led to the prediction. This would increase the strength of the dollar and if it comes to fruition, “will force emerging markets to seek an alternative currency.”
What’s more, there’s a scramble to patent intellectual property necessary for the function of bitcoin and blockchain.
Craig Wright is an Australian computer scientist who, in 2016, claimed to be the creator of bitcoin, Satoshi Nakamoto. Calvin Ayre is a wealthy Canadian entrepreneur who has been indicted in the U.S. and charged with running illegal online gambling operations.
An honorable team.
Together, they have filed 70 patents and intend to file more for the technology which makes digital currency through blockchain possible.
If they succeed, they could shape the future of bitcoin and cryptocurrency. Only time will tell.
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