What is Bitcoin and why is it getting so popular?
Created in 2008 after the Great Recession, Bitcoin is a crypto-asset that runs on an open peer-to-peer payment network. The Bitcoin network is open-sourced, and run by millions of participants. Only 21 million Bitcoin will ever be created! Since its inception in 2008, Bitcoin has given the highest return compared to every other asset class. It is often labeled as digital gold, and is becoming a popular alternative investment choice especially among millennials. Both Bitcoin and gold are seen as a hedge against market volatility. However, Bitcoin is seen as more superior to gold in all respects with none of the liabilities of gold, and all of the good attributes of gold. Bitcoin is a digital asset not limited to any country, or entity, but available to anyone around the globe.
What do mainstream investors think about Bitcoin?
Today, several developed countries like the USA, UK, Switzerland, Japan, New Zealand, etc. are working on regulating crypto-assets. Top global fintech giants and institutions like pension funds and unions, endowments, etc. have hedged their investments with Bitcoin. We have examples of Square investing 5 percent of its total cash, cash equivalents and marketable securities in Bitcoin, Tesla buying USD 1.5 billion worth Bitcoin, Nasdaq-listed MicroStrategy buying over USD 425 million worth Bitcoin, PayPal allowing all of its ~350 million users access to buy crypto assets on its platform, MasterCard announcing bringing crypto on to its network, and many more.
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