Happy birthday, Bitcoin! 2021 is your year

Today is Bitcoin’s 12th birthday. And Bitcoin has surpassed $ 34,000 per coin. Some days, it increases by thousands per trading session.

“The move is extremely bullish. This year could see Bitcoin touch six digits. This is a birthday present for Bitcoin holders,” says Gaurav Dahake, CEO of India-based BitBNS.

The first bitcoin was mined on January 3, 2009.

This year is already shaping up to be the Year of Bitcoin (BTC). Sorry, haters. If I could include that old gif of a green parrot in pixelated tones shaking its head like it was despising you, then I would include it here.

Everyone who has held on to this since it fell below $ 10,000 knows that even if it falls back to $ 10,000, there will be buyers. Now we have more believers. You just need patience. The only outspoken investor who hates Bitcoin these days is Peter Schiff.

This article below on Schiff’s constant BTC beating is an old but good one from Forbes contributor Billy Brambrough:

MORE FROM FORBES[Updated] Here’s why Peter Schiff’s ‘ridiculous’ Bitcoin claim cannot be true – the ‘mystery’ solved!By Billy bambrough

“BTC is becoming more common,” says James Reilly, the developer behind Ether-1 in Santa Rosa, California. The two-year-old company operates a decentralized hosting and storage platform. “This is not a repeat of 2017, when a lot of people heard about Bitcoin for the first time,” he says of the year that Bitcoin broke $ 20,000. It fell below $ 8,000 for the last two and a half years before breaking above $ 30,000 last week. “More people simply know what Bitcoin is or at least have a vague idea of ​​what it is. It’s a household name, whether or not everyone believes in its value. “

The recent addition of Bitcoin and other cryptocurrencies to PayPal

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The platform will only further solidify the use of the leading cryptocurrency not just for buying, but as a store of value.

“I can’t think of where he’s going now,” says Vladimir Signorelli, founder of Bretton Woods Research in Long Valley, NJ. You recently bought the Grayscale Bitcoin Trust (GBTC) exchange-traded fund. You don’t have a Bitcoin wallet in places like Coinbase, the traditional way to buy and sell Bitcoin. “I am a little concerned that these assessments are being driven by the pandemic. But all the major central banks in the world are indicating that they are going to print as much money as necessary so that as a finite store of value, Bitcoin can rise against all major currencies because there is a finite amount of Bitcoin in the world, “he said . He says.

More financial institutions are embracing cryptocurrencies as payment or real investment options. Fidelity will create escrow accounts for Bitcoin.

The past year has already witnessed a groundbreaking evolution in BTC adaptation, says Sheldon Xia, founder and CEO of Bitmart Exchange, a digital asset trading platform with roughly two million users worldwide. “In 2021, we will see an extension of this general recognition, which will ensure a long-term uptrend,” he says.

Aside from Fidelity and PayPal’s involvement, Square’s $ 50 million investment in bitcoin, and Michael Saylor’s announcement of more than $ 1 billion on Microstrategy

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Capital in Bitcoin have been year-end tailwinds for BTC, says Sam Farao, managing partner at Forgeblock Capital in Oslo. “Fun fact: Since the Norwegian Oil Fund has invested in companies that own bitcoins, it means that all Norwegians own bitcoins,” says Farao. “I am optimistic that we will see some major US or European banks that will allow the purchase or agree to hold crypto assets for their clients.”

In 2019, Goldman Sachs

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and others said that Bitcoin was similar to digital gold. It was an investor protection against hyperinflation. Looking at the trillions spent on currency hedging globally, one can imagine how big BTC becomes if Goldman Sachs and others are right, and BTC becomes a new type of currency hedging.

If you consider Bitcoin to be a currency hedge, then the market surge makes perfect sense. Global GDP is roughly $ 80 to $ 82 trillion and if 2.5% of global GDP is involved in currency hedging, for the sake of argument, then Bitcoin could easily take a chunk of that space because it is proving to be a deposit. of value that investors can hold for a period of one to two years. This is no longer a fad.

Unlike fiat currencies, which are printed at will, there are only around 18.5 million Bitcoins that have been mined. If there are 19 million BTC this year and you divided it by $ 2 trillion or 2.5% of global GDP, then you can draw the conclusion that Bitcoin will one day hit $ 100,000, Signorelli calculates.

When? That is anyone’s guess. Bitcoin was trading at just over $ 3,800 on March 12. That was not that long ago.

“I’m sure that in the next five years Bitcoin can exceed $ 50,000,” thinks Sergei Khitrov, CEO of St. Petersburg-based Blockchain Life. He sees four main reasons for the call: large funds entering the market, massive acceptance of cryptocurrencies, tokenization of large companies (Amazon

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Currency?), And the development of national cryptocurrencies, as we see them being tested in China.

No one really knows, of course, whether Bitcoin rises to $ 50,000 this year or returns to $ 5,000. However, if one were to measure, the scale turns away from people like Peter Schiff, a total crypto bear, and leans in favor of crypto bulls.

That has a lot to do with the changing nature of finance, new blockchain systems, and fintechs in general. Not to mention the debasement of currencies, while some actually yield zero negative interest; a total money loser.

“Technology will bring more revolutionary changes to finance,” says Xia. “I’m really thinking that decentralized finance will one day replace Wall Street. We are still in an early stage of the token economy. In the near future, when more use cases for blockchain technology come to life with its ability to create more transparency and fairness while saving businesses time and money, then more people will embrace it, ”he says. “If you have Bitcoin in 2021, the best possible suggestion I can give you is that you stick with it.”