The Best Thing With Bitcoin Current Price Is When You Remember That We Are Still So Early
I am writing this story on October 31, 2020. This is a special day for all Bitcoiners. Indeed, it is exactly twelve years since Satoshi Nakamoto published the Bitcoin white paper.
The Great Reset, which the International Monetary Fund (IMF) is now calling for, was announced on October 31, 2008. Its real beginning corresponds to the official launch of the Bitcoin network that will have taken place on January 3, 2009.
Twelve years after Satoshi Nakamoto made public his incredible idea of a decentralized electronic payment system, Bitcoin has come a long way. As I write this, the Bitcoin price is $13.8K.
Bitcoin’s market cap exceeds $255 billion.
Perception of Bitcoin is changing at high speed
More and more former opponents are realizing one after another that the Bitcoin revolution is here to stay. All those who ignored and then denigrated Bitcoin during its early years will eventually adopt Bitcoin.
It is only a matter of time.
In 2020, more and more institutional investors are coming to Bitcoin. The success of the fund dedicated to Bitcoin by Grayscale Investments is there to testify to this. Grayscale Investments currently holds more than 468,000 BTC for its clients.
Major companies have started to come to the Bitcoin world. History will remember that it all began on August 11, 2020. That was the day Michael J. Saylor chose to announce that MicroStrategy was making Bitcoin its primary treasury reserve asset.
Michael J. Saylor’s choice was not opportunistic. It was a real move to find the best asset to deal with the great monetary inflation we are experiencing in 2020. Bitcoin stands out as the best hedge.
Square then followed MicroStrategy’s lead in early October 2020. This move confirms his CEO’s commitment to the values of Bitcoin. Jack Dorsey made no secret that he is a strong supporter of Bitcoin, which he sees becoming the native currency of the Internet in the future.
PayPal’s entry into the Bitcoin world will bring credibility in the eyes of the general public
On October 23, 2020, PayPal finally announced its arrival in the world of Bitcoin. From the beginning of 2021, PayPal will offer the purchase and sale of Bitcoin to its 346 million users. The latter figure also includes users of its online payment solution Venmo.
Even better, PayPal will allow its users to use Bitcoin as a means of payment in the 26 million businesses of its network. But make no mistake about it. Bitcoin doesn’t need PayPal. Rather, it is PayPal that understands that it will need Bitcoin in the years to come.
In the coming months and years, you can expect to see more and more large companies make Bitcoin their reserve asset. Apple has just announced that it has a cash reserve of just over $190 billion in its latest quarterly results.
Sooner or later, Apple and the other GAFAM will come and buy Bitcoin. It is only a matter of time.
The American banks, which now have the green light from the Office of the Comptroller of the Currency (OCC) to buy and hold Bitcoin for their customers, will also come to this revolutionary new world.
JPMorgan has completely changed its view on Bitcoin since May 2020. Its CEO, Jamie Dimon, even apologized for calling Bitcoin a scam at the end of 2017. Again, you should not be mistaken. You don’t need banks to buy Bitcoin. It is the banks that understand that they are going to need Bitcoin.
But PayPal and banks cannot be part of the solution Bitcoin represents
The banks cannot be part of the solution, since they are at the root of the problems of the current monetary and financial system, as Satoshi Nakamoto said so well in the early 2010s:
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”
— Satoshi Nakamoto
If the arrival of PayPal, and soon of the banks, in Bitcoin is good news, it is only in terms of credibility that it will give to Bitcoin in the eyes of the general public.
Many people will realize that Bitcoin is not that dangerous asset reserved for criminals that bankers, politicians, economists, and the media have been denouncing for more than a decade.
Using Bitcoin for Illicit Purposes Is Harder Than Using U.S. Dollar
The numbers speak for themselves.
Bitcoin is a monetary revolution that will change the world in terms of money. Bitcoin will build a better world where all its users will have the same opportunities. This is why Bitcoin is also revolutionary.
It gives power back to the people. Bitcoin is the money of the people supported by the people.
The most interesting is that we are only at the beginning of the Bitcoin revolution
What is even more interesting in my opinion is that only 0.1% of the inhabitants of the Earth have already understood the full potential of Bitcoin for the future. This means that there are still 99.9% of the inhabitants of the Earth who still need to be educated in Bitcoin so that they can take control of their lives when it comes to money.
Over the next decade, therefore, you can expect an incredible explosion in the demand for Bitcoin. The reason is simple: Bitcoin meets the great need that is emerging in 2020 and will continue to drive the world in the years to come.
Bitcoin allows you to protect what you own over time in a way that is resistant to censorship.
This is made possible by Bitcoin’s two fundamental pillars:
- The absence of a leader who gives each user the same weight. You can safely transport your wealth without the risk of confiscation and censorship.
- The fact that your wealth cannot be debased since the supply of Bitcoin is hard-capped at 21 million units.
While the Bitcoin price is already $13.8K, we are still at the very beginning of the Bitcoin revolution. If you have made the choice to be a Bitcoin HODLer, your best days are ahead of you.
If not, you should ask yourself the right questions.
In the years to come, the Bitcoin price will continue to rise sharply. The $100K remains the target by the end of the Bull Run that will soon start and probably last until the end of 2021.
Thereafter, Bitcoin will be primarily targeted at the gold market cap, which is currently $9,000 billion. Finally, the Bitcoin price will target the million-dollar mark between now and 2040. This is an objective that seemed ambitious in the past, but which seems to be more possible than ever after the year 2020 that we have just experienced.