Bitcoin came to the market as an anti-establishment market product that all of the internet bought into in a big way. However, 10 years on. this so-called fad moved to a $100 billion product that is now embraced by banks, and other financial institutions such as JP Morgan, and Citi, as well as Amazon and Facebook. Still, it is taking time for the global regulators to build a framework in which this payment technology and its underlying blockchain (which by the way has endless potential), to eradicate the platform of mafia and other unwanted actors – legitimacy is the key word going forward. And more importantly, the year of 2018 was not only the year of market disruption in traded markets such as currencies and equity, it was the year that regulators seemed to find a footing, some substantial uses for crypto and blockchain.
The year 2018 saw Bitcoin fall from nearly $20,000 to $3,500 – now trading around the $3,800 to $4,000 range.
The market continues to look for the so-called founder of Bitcoin, Satoshi. Now many have claimed to be him but have since been discredited. While some say he is a group of people and others say he is English, American or Finnish. Even Tesla CEO Elon Musk was said to be Satoshi but he has denied it. This purely peer-to-peer version of electronic cash does allow online payments but it is taking more time than originally thought to take hold in society.
We have seen Mot Gox and the Silk Road market shocks and since the year 2010, Bitcoin has fallen 80% or more on three occasions, and it seems to always find support and recover. Currently, it is down about 84 percent from its highs about 13 months ago. More on Bitcoin in the coming weeks.