Current Report On Bitcoin

An Analysis: Autumn 2023

BFI: Business - Finance - Investments

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Information About The Cryptocurrency Token/Coin: BTC

Bitcoin (ticker BTC) is a decentralized digital currency that operates on a peer-to-peer network of computers around the world. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin allows users to transact without intermediaries, such as banks or governments, and has a limited supply of 21 million coins that can be mined by solving complex mathematical problems.

Bitcoin’s price history is a captivating narrative characterized by soaring highs and challenging lows. In 2021, Bitcoin achieved an all-time high, surpassing the $60,000 per BTC mark. This meteoric rise can be attributed to several factors, including growing institutional interest, retail enthusiasm, supply scarcity, and concerns about macroeconomic instability.

The current state of Bitcoin is both exciting and challenging, as the cryptocurrency faces increasing adoption, regulation, innovation and competition.

Adoption

Bitcoin has gained more mainstream acceptance in recent years, as more individuals, businesses and institutions recognize its potential as a store of value, a medium of exchange and a hedge against inflation. According to CoinMarketCap, the total market capitalization of Bitcoin reached over $650 billion in October 2023, making it the sixth-largest asset in the world by market value. Some notable examples of Bitcoin adoption include:

  • El Salvador becoming the first country to adopt Bitcoin as legal tender in September 2021, allowing its citizens to use it for everyday transactions and remittances.

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