The rapid rise of Bitcoin in the last 12 months has been nothing short of remarkable. During the early days of the cryptocurrency, it faced several criticisms from several facets of the global business world, with many comparing the digital assets to several Ponzi schemes and failed investment projects.
However, eleven years down the line, since Satoshi created the cryptocurrency, it has risen against all odds. The criticism has now slowed down recently, as many critics of the cryptocurrency have now become admirers. This means that the digital asset, just like the air we breathe, is here to stay amidst the cryptocurrency space boom.
Criticisms have not seemed to take a toll on Bitcoin
Bitcoin is now part of our lives and is unlikely to go anywhere, not anytime soon. The cryptocurrency, its networks, and overall framework are now a pivotal part of the cryptocurrency space and the general public. The adoption of Bitcoin has continued to be high, as many within and outside the Blockchain space are seemingly interested in the cryptocurrency. Retailers, traders, business entities now have systems in place that receive Bitcoin as payment for goods and services, as the popularity of the leading digital assets continues to plummet.
However, the situation above doesn’t only highlight how important the digital asset has become to mainstream society, as it also shows that the cryptocurrency will likely be here for a long time. The exciting technology behind the framework of Bitcoin is nothing short of fascinating. The network’s technology is also remarkable, and it has created a different level of new careers for many, especially in the Blockchain space. Another critical angle where many Bitcoin critics argue is that the digital asset is too inanimate, as there is no physical connection to it.
Many critics believe that, despite the non-physical nature of many other traditional assets, the owners have some affiliation to it. Meanwhile, in the case of Bitcoin, an asset that its fortune has continued to rise since 2009, such physical connection does not exist. However, despite the criticism, the digital asset has continued to thrive and surpass many all-time highs.
Investments in Bitcoin further shows that the digital asset is here to stay
The belief of many retail and institutional investors in Bitcoin somewhat makes a case for the asset. The high rate of institutional investment in the digital asset has been tremendous, especially in the last year. The digital is currently the largest cryptocurrency by Market Capitalization, which stands slightly above $1 trillion. The digital asset currently boasts the most retail and institutional investors, amongst the many assets in the cryptocurrency market.
However, that is not set to slow down anytime soon, as Bitcoin continues to headline the influx of new participants into the Blockchain space. The digital asset currently trades around the $60K mark, and many of its admirers and enthusiasts expect that the asset will reach $100K before the year ends. However, with the current stance and position of Bitcoin, nothing shows that the digital asset will be leaving anytime soon as the market continues to boom.