Crypto
Bitcoin Turns 15 amidst a Surge in Value and ETF Buzz
Exactly
fifteen years ago, an anonymous figure named Satoshi Nakamoto mined the Bitcoin
genesis block, containing the first 50 BTC ever created. The anonymous mastermind
behind the cryptocurrency, could not have anticipated the experiment’s evolution
into a global phenomenon and a trillion-dollar asset class.
Bitcoin’s
15th anniversary occurs at a critial time, with its price at its highest level
since April 2022. Also, the industry is eagerly awaiting the approval of the
first-ever Wall Street ETF tracking the spot price of BTC. On this special day,
we wish Bitcoin many more years of success!
Bitcoin,
the world’s first and most popular cryptocurrency, has not one but two
important dates that are celebrated by its enthusiasts worldwide. While there
is some debate around which date marks Bitcoin ‘s true birthday, 3 January and 31
October both represent major milestones in the technology’s history.
Happy 15th Birthday, #Bitcoin! pic.twitter.com/MF6DTNm0ge
— Pavol Rusnak (@PavolRusnak) January 3, 2024
3 January marks the creation of the Bitcoin genesis block in 2009, the first block ever
mined on the Bitcoin blockchain by the pseudonymous creator Satoshi Nakamoto.
This date represents the official launch of the Bitcoin network and is thus
referred as Bitcoin’s birthday.
Bitcoin Genesis Block. Source: Blockchain.com
31 October, on the other hand, memorializes the publication of the seminal Bitcoin
whitepaper in 2008. Authored by Nakamoto, this document outlined the conceptual
design for Bitcoin and its promises as a peer-to-peer electronic cash system.
As such, 31 October marks the revelation of Bitcoin to the world, before any
code had been written.
While Details of the Genesis Block. Source: Blockchain.com
3 January celebrates the actual genesis of the technology, October 31st
honors its conceptual beginnings. Together, they bookmark the short but dynamic
history of Bitcoin. As of January 2024, nearly 1 million Bitcoin blocks have
been mined and the network hash rate exceeds 500 exahashes per second, making
it incredibly secure.
There are
close to 34,000 Bitcoin ATMs installed globally and Bitcoin is accepted by
major companies like Microsoft, AT&T and Home Depot. Others, like MicroStrategy
and Tesla have added Bitcoin to their balance sheets. El Salvador became the
first country to adopt Bitcoin as legal tender in 2021.
Moreover,
the 15th birthday could be pivotal as Bitcoin soon faces two very important
events.
Bitcoin Halving, Spot BTC
ETF Approval and $80K Forecast
This week,
Bitcoin surpassed the $45,000 mark for the first time in nearly two years,
largely due to weekend rumors that the US Securities and Exchange Commission
(SEC) might approve the first-ever spot Bitcoin ETF on Wall Street. Experts
believe that this could trigger a new wave of mass institutional adoption.
“We believe there is still room for the rally to extend once the ETFs are
finally approved. As much as the event has been priced in, given how much hangs
in the balance, there is definitely some money sitting on the side-lines,
waiting for an actual confirmation,” Joel
Kruger, the Market Strategist at LMAX Group, commented.
Moreover,
in the coming months, Bitcoin will experience a “halving ” event, cutting
the reward for mining new blocks by half. Historically, this has led to
significant increases in the cryptocurrency’s value.
Based on
these two factors, analysts at AllianceBernstein predict that Bitcoin’s price
will reach new record levels in 2024, potentially testing the $80,000 mark.
Given that its price increased by over 150% in 2023, this prediction does not
seem far-fetched.
“Bitcoin
ETF flows build-up could be gradual, but the applicants will be fighting hard
to get a lead in this massive asset accumulation game, tuning up advertising
and Bitcoin branding leading to a snowball effect,” the analysts noted.
Will the
first bitcoin ETF be approved by the SEC on Bitcoin’s birthday? Cryptocurrency
enthusiasts would certainly wish for it.
Exactly
fifteen years ago, an anonymous figure named Satoshi Nakamoto mined the Bitcoin
genesis block, containing the first 50 BTC ever created. The anonymous mastermind
behind the cryptocurrency, could not have anticipated the experiment’s evolution
into a global phenomenon and a trillion-dollar asset class.
Bitcoin’s
15th anniversary occurs at a critial time, with its price at its highest level
since April 2022. Also, the industry is eagerly awaiting the approval of the
first-ever Wall Street ETF tracking the spot price of BTC. On this special day,
we wish Bitcoin many more years of success!
Bitcoin,
the world’s first and most popular cryptocurrency, has not one but two
important dates that are celebrated by its enthusiasts worldwide. While there
is some debate around which date marks Bitcoin ‘s true birthday, 3 January and 31
October both represent major milestones in the technology’s history.
Happy 15th Birthday, #Bitcoin! pic.twitter.com/MF6DTNm0ge
— Pavol Rusnak (@PavolRusnak) January 3, 2024
3 January marks the creation of the Bitcoin genesis block in 2009, the first block ever Bitcoin Genesis Block. Source: Blockchain.com
mined on the Bitcoin blockchain by the pseudonymous creator Satoshi Nakamoto.
This date represents the official launch of the Bitcoin network and is thus
referred as Bitcoin’s birthday.
31 October, on the other hand, memorializes the publication of the seminal Bitcoin
whitepaper in 2008. Authored by Nakamoto, this document outlined the conceptual
design for Bitcoin and its promises as a peer-to-peer electronic cash system.
As such, 31 October marks the revelation of Bitcoin to the world, before any
code had been written.
While Details of the Genesis Block. Source: Blockchain.com
3 January celebrates the actual genesis of the technology, October 31st
honors its conceptual beginnings. Together, they bookmark the short but dynamic
history of Bitcoin. As of January 2024, nearly 1 million Bitcoin blocks have
been mined and the network hash rate exceeds 500 exahashes per second, making
it incredibly secure.
There are
close to 34,000 Bitcoin ATMs installed globally and Bitcoin is accepted by
major companies like Microsoft, AT&T and Home Depot. Others, like MicroStrategy
and Tesla have added Bitcoin to their balance sheets. El Salvador became the
first country to adopt Bitcoin as legal tender in 2021.
Moreover,
the 15th birthday could be pivotal as Bitcoin soon faces two very important
events.
Bitcoin Halving, Spot BTC
ETF Approval and $80K Forecast
This week,
Bitcoin surpassed the $45,000 mark for the first time in nearly two years,
largely due to weekend rumors that the US Securities and Exchange Commission
(SEC) might approve the first-ever spot Bitcoin ETF on Wall Street. Experts
believe that this could trigger a new wave of mass institutional adoption.
“We believe there is still room for the rally to extend once the ETFs are
finally approved. As much as the event has been priced in, given how much hangs
in the balance, there is definitely some money sitting on the side-lines,
waiting for an actual confirmation,” Joel
Kruger, the Market Strategist at LMAX Group, commented.
Moreover,
in the coming months, Bitcoin will experience a “halving ” event, cutting
the reward for mining new blocks by half. Historically, this has led to
significant increases in the cryptocurrency’s value.
Based on
these two factors, analysts at AllianceBernstein predict that Bitcoin’s price
will reach new record levels in 2024, potentially testing the $80,000 mark.
Given that its price increased by over 150% in 2023, this prediction does not
seem far-fetched.
“Bitcoin
ETF flows build-up could be gradual, but the applicants will be fighting hard
to get a lead in this massive asset accumulation game, tuning up advertising
and Bitcoin branding leading to a snowball effect,” the analysts noted.
Will the
first bitcoin ETF be approved by the SEC on Bitcoin’s birthday? Cryptocurrency
enthusiasts would certainly wish for it.
Crypto
Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise
Jan 28 (Reuters) – The White House on Monday will meet with executives from the banking and cryptocurrency industries to discuss a path forward for landmark crypto legislation which has stalled due to a clash between the two powerful sectors, said three industry sources.
The summit hosted by the White House’s crypto council will include executives from several trade groups. It will focus on how the bill treats interest and other rewards crypto firms can dish out on customer holdings of dollar-pegged tokens known as stablecoins, the people said.
Sign up here.
Reuters was first to report the meeting.
The White House did not immediately respond to a request for comment. The sources declined to be identified discussing private policy discussions.
“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world,” she said.
Cody Carbone, CEO of The Digital Chamber, another major crypto trade group, credited the White House with “pulling all sides to the negotiating table.”
The Senate has for months been working on the bill, dubbed the Clarity Act, which aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing rules are inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.
The House of Representatives passed its version of the bill in July.
The Senate Banking Committee was scheduled earlier this month to debate and vote on the bill, but the meeting was postponed at the last minute, in part due to concerns among lawmakers and both industries over the interest issue.
Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive. Banks say the increased competition could result in insured lenders experiencing an exodus of deposits — the primary source of funding for most banks — potentially threatening financial stability.
That bill prohibited stablecoin issuers from paying interest on cryptocurrencies, but banks say it left open a loophole that would allow for third parties – such as crypto exchanges – to pay yield on tokens, creating new competition for deposits.
Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles.
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