Bitcoin is a new form of digital currency that has taken the world by storm and stirred up controversy
much like Apple did when it introduced the iPhone. One aspect of bitcoin that makes it quite unique is
that no central bank is in control. It has also created an entire marketplace for other companies to
create their own bitcoin-based products, such as websites and apps, which have increased its value over
time.
That being said, this newfound currency can be a blessing or a curse for certain people because it carries
with it some difficult connotations. For example, it is a blessing if you own a great deal of bitcoin or if
you are an entrepreneur trying to get your company started. But it can be a curse if you are trying to
steal bitcoin or in a country that tries to ban it.
The Great Recession and the Introduction of Bitcoin
You cannot have bitcoin without having something terrible happen first. Before the world heard of
bitcoin, there was the global market meltdown in 2008 that came to be known as the Great Recession.
What happened then is that the value of all of the products ranging from cars to houses, dropped
drastically. This made it difficult for most people to make ends meet, which could lead them to go
through desperate measures, including theft.
Then in 2009, the price of bitcoin took a huge leap in price as global fears spiraled out of control. People
were afraid that there would be no way they could pay their bills, especially those related to mortgages
and credit card payments. They felt that the value of their investments in the stock market would never
be the same again. It was during this time that many people, who had been in the workforce all their
lives, suddenly saw unemployment as an acceptable consequence for no longer being able to afford to
pay their housing and electricity bills.
The Market’s Reaction to Bitcoin
It was because of these two events that bitcoin quickly became a part of popular culture. Many people
who were unemployed began to look at bitcoin as a way out. So, not only did they become interested in
it, but they started to invest in it as well. On may 22, 2010 a Florida man negotiated to have two Papa
John’s pizzas valued at $25 delivered for 10,000 BTC. Fast forward to today, that amount of bitcoin is
valued at around $210 million. In honor of this moment cryptocurrency fans call May 22, Pizza Day
Bitcoin Today
Today, one bitcoin is worth about $23,000. It is a long way from its all-time high but it is also a long way
from its post peak bottom in 2018 of just over $3,000. The identity of the creator of bitcoin is still a
mystery. Nobody knows who or what Satoshi Nakamoto is. It is a subject not only for debate but
speculation and conspiracy theories.
Bitcoin Tomorrow
Nobody knows what is in store for bitcoin, nobody can tell for certain. But many see it being a bright and
exciting place. Just bear in mind that no investments are without risk. If there is one lesson that can be
learned from bitcoin, it is that what goes up can also come down and it can come down fast.
