In 2017, Bitcoin hit an all time high just under $20,000. After skyrocketing up, it had a similar fall. Many people wrote off the cryptocurrency market as too volatile and completely speculative. The truth is, they were right.
In 2017 the cryptocurrency market was incredibly speculative, but technology takes time. Bitcoin was created in January of 2009 and 12 years later the interesting asset is hovering around its all time high again.
The space has exploded with new technologies that solve some of our greatest technological challenges. In 2017 most of these technologies only existed on paper and jumbles of code, but now many of them work.
Today, Bitcoin is poised to break its all-time high and has become a storage of wealth for a growing number of investors.
Speaking of all-time highs, Paypal’s stock just hit an all time high. The internet payment service’s value has been propelled by its strategy to sell Bitcoin and other cryptocurrencies on the site. (On a side note, I wouldn’t recommend buying your crypto on Paypal, because you don’t own it. Buy on a site like Coinbase where you can transfer to your own secured wallet.)
Then you have MassMutual that just purchased a $100 million in Bitcoin to hold as an asset.
Even J.P.Morgan says that Bitcoin could be poised to make a big run. They have been less than positive about crypto in the past. But the past is the past.
Today, there is a wall of institutional money about to flood the crypto markets. Millionaires and billionaires will be made, but more importantly, funding for needed technologies will happen.
The Treasury and Commerce departments were hacked on Monday. As attacks like this happen more and more often, we’ll come to understand that we need an evolution to our economic system. Blockchain technology is the evolution platform and crypto is going to fund it.
Big companies and investors are getting into crypto, and now it can’t be ignored.