Bitcoin (BTC) has established itself as the best performing digital asset of the decade, recording gains of over 9,000,000% from July 2010 to the present day, generating enthusiasm and excitement around this wild new technological innovation.
Born during a period of financial crisis with the intention of bypassing banks and government agencies, the largest digital token in history has managed to reach such a mainstream level today that it has become the best asset of its lifetime.
This is revealed by Bloomberg which, according to a recent report, has shown how despite the continuous fluctuations in the price of bitcoin and consequently ups and downs resulting from confusion, scandals and misunderstandings, but also appreciations, the peer-to-peer token has nevertheless captivated the market by growing “spectacularly”.
These are some of the numbers reported:
“The S&P 500 merely tripled in that period. An index that tracks world markets has more than doubled. Gold is up 25%. Some of the best-performing stocks in the Russell 3000 — including Exact Sciences Corp. and Intelligent Systems Corp. — are each up about 3,000%. Those gains pale in comparison to the finance world’s latest — and one of its most controversial — marvels”.
No other asset has been able to keep up with bitcoin, not only in terms of the numbers reported, but also in terms of the enthusiasm and excitement surrounding the so-called digital gold that visionaries have been observing over the years.
This is illustrated by Alex Mashinsky, founder of Celsius Network, a crypto lending platform, who said:
“This is the first time that there’s a real separation — just like church and state — you have a separation of money and state. That’s the innovation, that’s the excitement”.
But even more generally, the fact that bitcoin was designed as a means of exchange that can be sent electronically between users all over the world and is managed by a computer network that keeps track of all transactions on the blockchain ledger, was reason enough for many to embrace the idea.
In any case, bitcoin has been slow to take off, becoming popular when someone used it to make a transaction to buy a pizza in May 2010.
From this moment on, in fact, bitcoin’s growth can be said to have started, with a price that has continued to double many times over.
Here is a description of the latest price movements of bitcoin:
“At the beginning of 2017, Bitcoin jumped above $1,000. By mid-summer, it had more than doubled. Insanity was unleashed. By year-end, it hovered above $14,000. But as swiftly as it ran up, it fell even faster. By the end of 2018, Bitcoin barely budged above $3,000. Yet shortly after its crash, it embarked on another huge rally, this time reaching as high as $13,800 in the summer of 2019”.
An accelerated growth that has also led the millennial generation to choose the crypto world over other assets, stocks and securities.
A recent study has found that this generation prefers to own bitcoin rather than shares of global giants such as Netflix.