There is a common saying amongst my peer groups when it comes to finance and investment. it goes thus, "if you must save, save in a currency that does not lose value overtime and if you can't, divert your earnings to an investment that can at least make you double of your capital in a period of five years. This saying was motivated by the fact that our currency holds not weight compared to the US Dollar which is seen as the currency of the world.
A couple of years ago, nobody would have thought of any other currency rivaling the US dollars in the world economic and legal tender sphere but there came the inception of the cryptocurrency market heralded by the world leading coin bitcoin.
This coin to some is seen as a scam, a bubble that would burst anytime but other bright minded people with the ability to invest saw it otherwise thereby making them earn much more than their capital.
The bitcoin which is characterized by several factors that affects the rise and fall of one of the greatest currency in history aside gold and silver who have proven to stand the test of time. Bitcoin no doubt has continually awed investors and doubters alike.
Back in 2011 when Bitcoin sold for 32$ to a coin, any investor that invested as little as 32$ then would by now be 60,000$ dollars richer without having to do anything rather than just holding the coin and having faith and trust in the rising and falling of the market.
Earlier in the year when the chinese government had a crackdown on bitcoin miners as well as some other countries banning the official use of bitcoin as a means of legal tender, the market dipped almost halfway within a couple of days but i rememeber vividly telling my friends that that market would rise and hit an all time high because the regression in the market was man made and just like the principle of demand and supply, once there is scarcity of supply, demand rises which ultimately leads to the hike in price. Now it has become how high can you pay for the commodity of choice bitcoin.
Not until recently we found out that a lot of tech billionaires have their fair share of the crypto currency bitcoin and the unknown originator of bitcoin Satoshi Nakamoto is rumored to be the 20th Richest person on earth even while his or her identity is quite a mystery to everyone but the products of his imagination and hardwork has travelled far and wide lifting a lot of people out of poverty and some even into the lines of billionaires.
To mention but a few, Elon Musk a multi Billionaire and the CEO of Tesla holds part of his wealth in cryptocurrency and Bitcoin is at the top of that Chain. Jack Dorsey, the CEO of Twitter is an ardent Bitcoin fan. He is not just a techie but one who believes in how decentralized tech can help shape the world.
@claudio83 in his article Decentralization of BTC and low costs for mining: Jack Dorsey's mission exposed the idea of Jack Dorsey to assisting in decentralizing the crypto world the more.
Jack Dorsey, CEO of Twitter and Square, has long been a great supporter of Bitcoin and firmly believes in its mass adoption, although to date it has some great difficulties in being used as an electronic payment, especially for very low amounts. Lighting Network is increasing the trust of its users and the integration on Twitter has definitely accelerated the process, although it is still a long way from a scalable and cheap network in its fees.
The success of this exercise by Jack Dorsey would see even more adoption of the BTC by end users all over the world. Despite the exponential rate at which the adoption of the bitcoin and other crypto currency is growing, it is still being under utilized as well as facing a lot of resistance by world powers and country governments alike as sticking to the status quo of maintaining the physical currency is their argument.
The introduction of 5g and the internet of things coupled with the existence of the decentralized blockchain and the cryptocurrency market, i'm glad to announce to you that we have had this coming for a long time and Bitcoin has proven beyond reasonable doubt that it is the currency of the future or better still the forerunner to that currency that would unify the world beyond any fonts on financial division.
Yay! 🤗
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