The Bitcoin dips, but soars to new record highs, turning skeptics into believers.

The lowest closing price of Bitcoin (BTC) was $0.05 on July 18, 2010. After 14 years of roller coaster rides, as of this writing today, the price of Bitcoin is trading at $63,147, It is down 5.6% in the last 24 hours. To say that despite this short-term volatility, Bitcoin is up more than 50% year-to-date is no mean feat!
Not only from its origins in the 1970s to the impact of the 2008 financial crisis, but also the recent massive expansion of cryptocurrency continues to grow like a craze on the Internet today. It is a thriller story of mystery, mistrust, risk and reward.
Bitcoin is a form of digital money (cryptocurrency) in which unit transactions are recorded on a digital ledger called the “blockchain”. It started as a concept in a white paper in 2008 and has become the best performing asset of the last decade with its 9,000,000% rise in 2021. You can’t actually hold a Bitcoin in your hands, but you can make a ton of money from one.
Bitcoin blockchain technology works by recording all Bitcoin transactions across a network of computers. Due to its decentralized nature, it is considered a digital ledger that operates on a peer-to-peer basis. Perhaps the most famous value investor of all time, Warren Buffett is against Bitcoin and other cryptocurrencies, saying, “You can’t value Bitcoin because it’s not a value-producing asset.” Buffett and his holding company, Berkshire Hathaway, are known for their investments in sustainable and profitable companies. However, Buffett’s strong anti-crypto stance may change after reviewing the firm’s performance in 2024.
Dave Ramsey, a personal financial expert and best-selling financial author, explains that the value of any currency is based on people’s trust, “Bitcoin has the least amount of trust.” He concluded: “I don’t invest in things where people haven’t established a long track record of trust. ” One day he may change his views!
No one wants to lose money and that is what puts the crypto bear market under so much pressure. As investments begin to decline, investors may struggle to decide how best to manage their portfolios. It would be great if the crypto market was always going up. However, that is not true. As the old saying goes, “Without risk, there is no reward.” Market volatility drives investors to profit. In crypto markets, volatility is considered a feature, but not a constant problem. Bitcoin is not run by any bank or government; It is a peer-to-peer currency.
Unlike the US dollar or any other country’s currency, Bitcoin is not underwritten by any government regulation. As MasterCard and other notable companies bring cryptocurrency to their networks, many are asking: Does this shift signal the “beginning of the end” for the dollar?.
Among the main contextual reasons for Bitcoin’s inception, which began in the middle of the 2008 financial crisis, was mistrust of banks. Bitcoin started as a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” published on October 31, 2008 by a man named Satoshi Nakamoto. The paper outlined the blockchain technology that underpins the cryptocurrency. The problem with digital money. In March 2014, a news article called “The Face Behind Bitcoin” claimed that the inventor of Bitcoin was a retired physicist named Dorian Nakamoto.
Bitcoin is likely to halve when the reward for mining Bitcoin transactions is halved. These “halvings” reduce the rate at which new coins are created and reduce the available amount of new supply. Bitcoin’s last halving took place on May 11, 2020, when supply was halved, resulting in the creation of a block of 6.25 BTC. A bitcoin halving event occurs when the reward for mining bitcoin transactions is halved. Halves reduce the rate of creation of new coins and reduce the available amount of new supply. Bitcoin last halved on May 11, 2020, resulting in a block reward of 6.25 BTC.
By the end of 2024, a crypto storm may be imminent following the upcoming halving and other favorable developments. With a halving, fewer new bitcoins will be created and they will become more scarce. This scarcity could lead to higher Bitcoin prices in the long run. As a result, the price will rise to $67,500 and reach an all-time high between $72,500 and $73,100. Some experts predict UK fintech firm Finder conducted a study based on expert predictions of 40 crypto industry experts on how Bitcoin will perform until 2030. If hearing is to be believed, it’s predicted to go as high as $200,000!
Interesting tidbit: In the early days of Bitcoin, a programmer named Laszlo Hanics traded 10,000 Bitcoins for two Papa John’s pizzas on May 22, 2010. Today, those pizzas are worth about $613 million. In the crypto community, that date is now celebrated as “Bitcoin Pizza Day.” Now talk about an expensive slice of pizza!

SEC Approves Groundbreaking Bitcoin ETFs Despite Mixed Reactions

In a historic move, the Securities and Exchange Commission (SEC) greenlit nearly a dozen exchange-traded funds (ETFs) backed by bitcoin on Wednesday, marking the first time the regulatory body has permitted the trading of funds directly invested in a cryptocurrency.

The SEC’s approval extends to 11 spot bitcoin ETFs from major financial players such as BlackRock, Fidelity, and Grayscale Investments, all gaining the regulatory nod as the agency faced a looming deadline to rule on at least one of the applications.

SEC Chairman Gary Gensler articulated his stance on the matter, stating, “I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.”

This decision comes on the heels of the U.S. Court of Appeals for the District of Columbia ruling in August, asserting that the SEC had erroneously rejected Grayscale’s application for a spot bitcoin ETF. Prior to this, the agency had consistently turned down all applications for such funds.

“I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares,” reiterated Gensler in a statement.

Grayscale CEO Michael Sonnenshein celebrated the regulatory breakthrough, acknowledging, “Today’s historic outcome is a testament to GBTC’s investors for their unwavering patience and support, and to the entire Grayscale team and our partners for their hard work and dedication.”

House Financial Services Chairman Patrick McHenry (R-N.C.) and Rep. French Hill (R-Ark.), chair of the Digital Assets, Financial Technology, and Inclusion Subcommittee, lauded the SEC’s move as a “historic milestone for the future of the digital asset ecosystem.” They emphasized that while legislation for digital assets clarity is still necessary, the approvals represent a positive shift away from the SEC’s previous approach of regulation through enforcement.

“We are pleased that investors and our markets will finally be afforded greater access to this generational technology,” added McHenry and Hill in a joint statement.

However, not everyone shares the optimism surrounding the SEC’s decision. Critics of cryptocurrencies and advocates for stricter financial regulations expressed their discontent with the approval.

Dennis Kelleher, co-founder, president, and CEO of the non-profit Better Markets, denounced the decision as a “historic mistake,” asserting that it will “unleash crypto predators” on investors and potentially “undermine financial stability.”

“It will be interpreted and spun as a de facto SEC – if not U.S. government – endorsement of crypto generally,” warned Kelleher. He expressed concerns that the crypto industry might exploit the decision to portray cryptocurrency as a safe and suitable investment for retail investors and those saving for retirement.

In response to these concerns, Gensler sought to clarify that the SEC’s approvals exclusively pertain to ETFs holding bitcoin and should not be misconstrued as a broader endorsement of crypto assets. “It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities,” emphasized Gensler.

“Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws,” he continued.

The long-anticipated decision came amid a brief moment of confusion, as the SEC’s official Twitter account, previously known as Twitter and now referred to as X, was hacked on Tuesday. The compromised account falsely announced the approval of spot bitcoin ETFs, creating a 30-minute window of misinformation before the announcement was rectified and replaced with an official disavowal by the agency.