Bitcoin

Bitcoin as a computer system just turned 10 years. Satoshi Nakamoto fired off the system by hand-coding the first block in the system, block #0, and the rest is history. However, the history is still short, and we still do not know what impact cryptocurrencies and blockchain technology will have on our society as a whole, or the financial sector in particular.

While the recent surge in bitcoin price is good news for many bitcoin investors, it should be seen as a death sentence for the functional value of bitcoin. As the price continue to reach new record levels, it becomes obvious that bitcoin is useless for anything else than speculation.

It has been a while since the bitcoin community claimed that bitcoin was the one currency that would replace fiat currencies. For many people, the idea behind bitcoin was to decentralize the traditional financial system, favoring a fully decentralized one. However, it’s quickly became very unlikely that the world will ever switch from using government-issued money to using bitcoin. The last two years has been all about the blockchain. Now, bitcoin is gaining momentum as a potential new asset class.