Bitcoin is Now the 10th Largest Asset in the World
In the past 24 hours Bitcoin has breached the top 10 list of the largest assets in the world.
There are many historic moments during Bitcoin’s short life so far. It was Halloween 2008 when Bitcoin was first announced by its mysterious creator, Satoshi Nakamoto. The Bitcoin network was brought online for the first time on 1/3/09. The first transaction sent from Satoshi to Hal Finney occurred on 1/12/09. The first Bitcoin exchange was brought online on 3/17/10 so that market participants could establish a price for one bitcoin, which started at a fraction of one penny. The first real world purchase of something using Bitcoin happened on 5/22/10 (Bitcoin Pizza Day!). On 8/15/10, still in the early days of Bitcoin, it survived its first and only hack due to a bug in the code, but the maintainers of the Bitcoin code quickly fixed the bug and reset the blockchain to before the hack, preserving the security of what would become the most secure network every known to man. Bitcoin reached parity with the US Dollar on 2/9/11. On 11/12/12 Bitcoin underwent its first halving — the algorithmically controlled halving of the newly minted supply that is created with each bitcoin block. In 2013 Bitcoin experienced its first slight foray into the consciousness of the wider public when its price rose two orders of magnitude from $10 to over $1000. In 2017 Bitcoin finally firmly entered the consciousness of the public as its price rose from $1000 to $20k that year; additionally that year it survived a tumultuous period in which a controversial upgrade succeeded, there was a controversial split of its user base and code into a copy-cat cryptocurrency, as well as an abandoned-at-the-last-minute second controversial upgrade.
Over the past few years, especially the last few months of 2020, companies and other institutions have started to embrace Bitcoin. The beginning of this acceptance of Bitcoin by the “big money” players in the world of business and finance has fueled a recent price rally that just now saw back to back historical achievements for Bitcoin and cryptocurrency in general. Yesterday, 1/6/21, the entire cryptocurrency market hit a valuation of one trillion dollars for the first time. And today, Bitcoin became the 10th largest asset in the world by market cap.
From being a new currency and new technology invented by an unknown creator and announced in an email to a group of cryptography enthusiasts, having no value to start with and growing organically and without the backing of a company or government or PR department, to now just over 12 years later being the 10th most valuable asset in the world (and looking likely to mow down the next few names on the list in short order), is a truly remarkable story — one of the more remarkable stories in modern times.
Still today derided by many as worthless, a scam, a ponzi, a pyramid scheme, and other such insults, it is hard to deny Bitcoin’s expanding importance and continued rise to the top of world finance as only seven companies and two precious metals are more valuable than Bitcoin. To anyone who understands Bitcoin, it will be of no surprise in the coming years as Bitcoin continues to move up the list and eventually takes the number one spot as the world’s most valuable asset.
How many of you will own Bitcoin — either for wealth creation, wealth security, to easily take your money with you around the world, to easily send money to loved ones around the world, to buy things, or simply to support the future of money — while it continues its inevitable climb up this list?