All throughout its existence, Bitcoin has managed to defy expectations. With analysts constantly claiming that the digital currency would disappear into a kind of free fall for years, Bitcoin has remained remarkably sturdy. Although there have been ebbs and flows, as with any currency, BTC has remained stable. Recent developments have proven that this probably won’t be changing anytime soon, either. Rallying towards $1000 per BTC, it seems as if the value won’t be coming down in the near future.
The How and the Why
With Bitcoin, it can be a bit more difficult to determine the cause for rising and falling values. Unlike government currencies, it is not really subject to inflation and other factors that would cause the U.S. dollar or Euro to fluctuate. Standing out on its own, BTC is unlike any other currency that the world has seen, so its value tends to move in unique ways that are often rooted in different issues.
The Evolution of BTC
Founded by Satoshi Nakomoto, this cryptocurrency started circulating around 2009. It wasn’t until October of 2013, however, that the first Bitcoin ATM was installed in a large city. Right in Vancouver, the new ATM certainly made a lot of people take notice. Right around 2013 and 2014, businesses actually started to accept Bitcoin as a payment. Of course, this was much more popular in areas such as San Francisco, but it was a big step in the right direction.
Early Bitcoin Devotees Received Their Just Rewards
It was also around this time that we began to see the price of BTC truly rally for the first time. Those who had been around for its inception suddenly found themselves the owners of some very valuable property, and these stories began to make the rounds on the news. There was the story of Christopher Koch, who had purchased only $27 worth of BTC back in 2009. When he saw the news reports about a Bitcoin rally circulating later, he struggled to recall the password to his BTC wallet. When he finally did manage to open it up, he was totally surprised by the results. His $27 had snowballed into a cool $1000 over the years. With this new nest egg, he was able to buy himself an apartment in Oslo.
The Power of Bitcoin
Although not all of us can profit off of those early values from the heyday of Bitcoin, it stands to reason the the currency is only going to continue to rally. Now that it is a completely legitimate method of payment, more and more merchants will begin to accept it in the future. Also, more consumers will want access to a Bitcoin wallet. When they do start buying up Bitcoin, they will quickly realize just how fun and easy it can be to take advantage of this modern means of doing business.
Rallying All the Way to the Top
Although we may not know everything there is to know about cryptocurrency just yet, we do know a lot more than when we started. As Bitcoin hovers near $900 and continues to dominate, there is no doubt that it will be a powerful force in the world—for years to come. Those who have underestimated it have only done so at their own peril. And now it is time for Bitcoin enthusiasts to luxuriate in the high values that they always knew would be on the horizon; $1000 is something to celebrate.