Bitcoin is Richer than Larry Ellison, the CEO and Founder of Oracle Corporation.
The year 2017 has been great for Bitcoin and it’s siblings(alt-coins). Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple all made it to the news at some point in time this year. The entire crypto market has increased from $US 18Bn. on January 2017 to $US 130Bn. as of today(12th August, 2017). That’s a whooping 622% rise in just 8 months. Bitcoin and Ethereum have seen massive rise in their capital. Ethereum was under $US 1Bn. in January and now it’s $US 29.5Bn. Bitcoin has risen from $US 15.4Bn to $US 60Bn. for comparison, the Oracle CEO Larry Ellison is worth $US 58.7 as of today, hence this post!
Bitcoin has risen from $US 15.4Bn to $US 60Bn. for comparison, the Oracle CEO Larry Ellison is worth $US 58.7 as of today
Despite all of the achievements lot of skeptical investors believe that Bitcoin and other crypto currency are in a bubble and that it may burst anytime. They mostly compare it with the dot com bubble. While on the other hand those who support bitcoin argue about its underlying technology, The blockchain being revolutionary and the fact that Bitcoin isn’t backed by any government makes it free from anyone’s control and influence.
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An example is the recent Bitcoin Cash hardfork which took place when some people thought that SegWit is too complicated and useless. Hence, they kept the original code (didn’t implement SegWit) and instead increased the block size up-to 8MB from the previous 1MB. The users and miners then had to decide which version of bitcoin they wanted. In addition to that, irrespective of their decision they’d get equal amount of the newly created Bitcoin Cash. Which was fascinating for many because it was essentially new money out of thin air.
As a result Bitcoin saw massive surge in price few days before the hard fork(1st August).
Where’s bitcoin headed from here?
This is a tough one and the only way to know is to wait and watch.
Many people believe that Bitcoin will continue to be the best performing asset throughout this year. And then there are few who say that the bubble’s about to burst.
It has burst many times in the past but people never stopped believing in bitcoin. They always have and its this faith that Bitcoin needs to become successful in fulfilling its purpose. The purpose of having a currency free from government intervention. A currency that can facilitate money transfer, trades, etc while being decentralised. The dependency on security of funds on a their party is what can be eliminated using bitcoin.
Just as Google and Amazon were not the first websites in the world, bitcoin may not be the most used currency in the distant future but it will almost certainly be some version of it based on the same cryptographic security and the blockchain used by it.
Disclaimer: this post is meant to provide information and its content reflect Author’s beliefs. It shouldn’t be used as trading advice. The author doesn’t bear any responsibility for losses you may incur by believing anything written here.