Bitcoin: Journey from Dead/scam narrative to the National Crypto reserve.
The initial journey of the Bitcoin was never the easy one and many haters labeled the Bitcoin simply as a ponzi scheme. However, there is no similarity between how the Bitcoin mining works vs the ponzi mechanics. Bitcoin enthusiast created faucets and communities to make people aware of Bitcoin but in it's initial days there is no market (or in modern term, Crypto Exchange) to perform the transaction and most of the transactions were happening peer to peer only.
But within the couple of years of the Bitcoin launch, Crypto Exchange Mt. Gox comes into the picture as biggest exchange for the Bitcoin transaction and I guess it was the first and only one exchange at that time. So when the Mt. Gox exchange got hacked , Bitcoin value plummeted and the term "Bitcoin is Dead" come into existence. Afterwards after every downward spree in bitcoin price, Bitcoin haters always responded with "Bitcoin is Dead" narrative and every time Bitcoin bounced back to touch new high to shut the mouth of the hater and putting the end to this narrative.
With time, Bitcoin high value started causing stir in the country's legislation system, and each country took a different outlook for Bitcoin (or crypto ) in general. Some countries outright decided it as illegal, some countries took it as a "speculative assets" for earning tax and do not recognized it as currency at all and some countries remain undecided or created commisions and bodies to understand it and to frame rules for it.
Within a decade of it's birth , Bitcoin has gained lot of popularity, a lot of media coverage, a lot of crypto exchanges and lot of hackers and scammers who defrauded the crypto community. But for Bitcoin it always turned out as “All publicity is good publicity” and it's fixed number of coins (21 million) to be printed by a proof of work algorithim , in a transparent and decentralized manner get it lot of support because countries printing press are printing money on their free will and devaluing their currencies.
Even though, not officially recognized, Bitcoin started to gain the currency status or preferred choice to store the wealth where the economies were troubled in countries like Zimbabwe ,Venezuela etc,
Request for Bitcoin ETF and SEC looking into it , cemented its place as "assets" to be hold and it is no longer labelled in ponzenomic. Countries like "El Salvador" and "Central African Republic" are giving it status as the legal tender and official currency of their country not only gained lot of interest but also cemented the position of Bitcoin as a currency.
With the latest Trump decision to add Bitcoin in the national reserve, it might pave the way for other countries who are still undecided to classify as legal or illegal, currency or speculative assets. It also make one thing clear that Bitcoin is going to be the official "Gold" standard in coming days and may be the one of the biggest currency to perform the international trade and if this happens, I am not sure how high Bitcoin can skyrocket then.
Posted Using INLEO
