The cryptocurrency market is expanding uncontrollably like nothing we’ve seen before, and with how unregulated the market is, it’s the 21st century gold rush. The largest cryptocurrency in the world is Bitcoin which at the moment has a total value of 160 billion USD. This currency has the potential to expand to other industries and grow due to it’s possible utility as a real world currency like the US dollar.
Due to the money and public interest involved with these crypto currencies every day as of January 2021 there were over 4,000 different crypto currencies and over 330,000 crypto transactions daily. The overall value of the crypto market is estimated to be over 2 trillion dollars as of 2021. To put this into perspective, in 2018 sports in the US had a value of roughly 71.06 billion dollars, meaning the crypto market is over 25000 times more valuable.
Out of these 4000 companies bitcoin is the only one that has experienced true success with, “Satoshi Nakamoto” started bitcoin in 2008, and this success could be attributed to the fact that he was the first official cryptographer in the business and has kept his place in the market for the last 13 years.
This year a new crypto peaked the public’s eye, its name is dogecoin, based off a largely popular “meme” from 2010. This crypto’s value has increased over 400% only in the last 2 weeks which is 2 months after its major surge in January of 2021. The overall value of the dogecoin company has risen to 50 billion dollars, and this shows the power and growth of this rapidly expanding market.
Bitcoin is the world leader in the crypto market being the most valuable and most sought after crypto currency. There are only a certain amount of bitcoins available. This opens the door for two different types of crypto workers. First there are the people who buy bitcoins in hope of the value to rise for later sale, but there are also bitcoin “miners”. These digital “miners” invest in large quantities of expensive computers that solve complex problems that work as a secure line for people to trade bitcoin on. These miners’ incentive for investing is that they are given bitcoins for these security stamps that they put on the trades. With two different groups of people interested in bitcoin, and a worldwide acceptance of the currency, bitcoin has grown to be valued at over 60,000 USD per bitcoin, which is staggering compared to its price of 8 cents in 2010. Bitcoin is the crypto market’s real zero to hero story.
The use of bitcoin has expanded so much that now you can buy from companies with bitcoin. Some of these companies are: Microsoft, Home Depot, Tesla, Starbucks, Whole Foods, and more. This is considered a daring move since the value of bitcoins fluctuates, but with companies like Tesla investing 1.5 billion dollars in bitcoin, their future looks bright.
This brings into view the possibility of utilizing bitcoin and other blockchain technology cryptos for day-to-day pay as if it were its own cash or currency. In the last year companies like Apple pay, Paypal, and Cash App have revolutionized the online payment industry, and this opens the possibility of working together between these titans of companies.
This uncertain future leaves everyone with the doubt, “Should I invest in Bitcoin.” To this I would advise anyone to invest a quantity of money in bitcoin or some sort of crypto due to the infinite possibilities and opportunities.
In conclusion cryptocurrencies are an untamable beast of a market that is just being tapped into now. So many people, and companies are moving into this industry for economic growth and wealth. The crypto market has changed so radically in the past 13 years that who knows what is to come in the next 10 years in this forever changing market.