Jack Dorsey, the CEO of Twitter, made a bold statement about Bitcoin back in 2013 when it was just worth around $11. He called it “amazing” and now, almost seven years later, the cryptocurrency is up 220,000 percent. This speaks to the power of cryptocurrency and how far it has come since the early days. This article will explore the history of Bitcoin’s rise from 2013 until now.
1. Twitter CEO Jack Dorsey Praises Bitcoin
Twitter CEO Jack Dorsey recently held a discussion with National Austrian Broadcasting Corporation, in which he commented on his opinion regarding Bitcoin; he praised the cryptocurrency, and called it the best native currency of the internet.
Dorsey stated that Bitcoin is, hands down, the best currency of the internet. He further mentioned that the currency is resilient, trustless, and native to the internet, giving developers around the world an opportunity to create open, neutral, global financial networks.
Enthusiasm behind Bitcoin has been growing rapidly amongst many tech leaders. Amongst commonly known names are Elon Musk, Bill Gates, and Mark Andreesen, all of whom have praised the digital currency in the past.
2. Incredible Returns on Bitcoin Since Dorsey’s Comments
Since Jack Dorsey shared his favorable opinions on Bitcoin earlier this year, the cryptocurrency has experienced a massive surge. Such growth has bolstered the industry as whole and particularly caught the eye of various seasoned investors.
The returns on Bitcoin since Dorsey’s comments have been nothing short of staggering:
- At the beginning of the year, 1BTC was valued at around US$7,200, whereas now it is reaching US$33,000.
- That is an increase of over six times the original value.
- This rally appears to be only accelerating, with some experts predicting further growth as the year progresses.
This significant increase has no doubt contributed to Bitcoin’s history-making value, with all-time highs routinely being reached throughout the months. Recently, Coinbase’s stock debut added further fuel to the fire with several people and companies investing into the space.
3. What’s Behind Bitcoin’s Big Price Surge?
The recent Bitcoin price surge has yielded some impressive results. Analysts have been trying to figure out the cause of Bitcoin’s huge success. While no single factor is responsible, there are several likely contributors.
- Institutions: Many established financial institutions have recently shown an increased interest in cryptocurrencies. This shift in attitude has helped to legitimize the asset class, and attracted many institutional investors.
- Retail Investors: Individual investors, or so-called “retail investors”, have also been entering the market. Markets tend to move based on sentiment, and this is likely part of the reason for Bitcoin’s price rise.
- Payment Systems: Major payment systems, like PayPal and Square, have also recently added support for cryptocurrency. By making it easier for people to buy, sell, and store Bitcoin, these payment systems have opened the market up to many people who were not aware of it before.
It is clear that the current surge is caused by a combination of factors, acting together in what appears to have been a perfect storm. With institutional adoption on the rise, and access to Bitcoin improving for retail investors, the market appears primed for continued gains in the near future.
4. What’s Next For the Cryptocurrency?
The future of cryptocurrency is both highly speculated and highly controversial. It has been an intriguing hot topic in the financial and economic industry for some time now and there is no visible end in sight.
The most talked about expectation for the future of cryptocurrency is mass adoption. Major players in the industry believe that with the rapid advancement of technologies like blockchain, the ability for cryptocurrency to be adopted by mainstream markets and consumers is highly likely.
In terms of market trends, cryptocurrency has demonstrated the potential to become a major asset class in the investment industry. It has already grown exponentially in both value and attention in the investment world and this growth shows no signs of stopping. It is clear that cryptocurrency will be the most discussed Investment asset of the decade.
- Increased Regulation – In order for cryptocurrency to thrive in the long-term, increased regulation of the industry must occur.
- Mass Adoption – Mass adoption of cryptocurrencies will drive prices up, stabilization, and long-term trust in the industry.
- Rise of STOs – Security token offerings (STOs) are set to take the cryptocurrency industry by storm, providing a safe and regulated entry into the crypto market.
Bitcoin has come a long way since it was declared “amazing” by Twitter CEO Jack Dorsey in 2010, with the asset’s price skyrocketting by an astonishing 220,000%. As further measures to embrace cryptocurrency become commonplace, the scope of Bitcoin’s potential still remains to be seen.