Created in 2009 by an anonymous individual, Bitcoin was once valued at less than a penny. Just last week the most well-known cryptocurrency of its time, reached an all-time high in valuation at nearly $67,000. Shade Moore has more on the story.
Created in 2009 by an anonymous individual, Bitcoin was once valued at less than a penny. Just Last week the most well-known cryptocurrency of its time, reached an all-time high in valuation at nearly $67,000. Shade Moore has more on the story.
To give a little bit of context, in 2010, someone bought two pizzas for 10,000 bitcoin. And if we were to use the all time high price for reference, his two pizzas would now be worth more than $620 million today.
Approval of the Bitcoin ETF, or exchange traded fund, is a landmark decision that will impact how financial institutions are opening up to the usage of cryptocurrency. Cryptocurrency fund and wallet employee, Victoria Maria Steckel, sees how this trend plays out first hand.
VICTORIA MARIA STECKEL: Decentralized autonomous organizations are the future, and even the governments are getting behind it with gov coins, I think at least people should put in $50 to $100.
Beyond Bitcoin, there are more than 13,000 cryptocurrencies, each with a different following and value.
Although Bitcoin is the most popular, other cryptocurrencies like Ethereum, Cardano, Celo Gold, and Shiba are on the rise. Investors like Michael Lipof have already invested into the market.
MICHAEL LIPOF: I read in some articles and saw how crypto is a new thing and rising in popularity and that these are some of the top five/ten coins to look out for in the near future, so I just took my bet on some of them.
But for many, the lack of predictability of the market for buyers and those on the fence creates an anxiety that has caused a lot of skepticism.
This has brought up the question: is Bitcoin safe or is it a scam? Because unlike a dollar bill, you can’t hold one Bitcoin physically. USC instructor and Bitcoin investor Natalie Brunell has weighed these options.
NATALIE BRUNELL: I’d rather have a volatile asset that over time continues to go up then a pretty stable asset like the US dollar which over time has been losing 90% of its purchasing power.
Since Bitcoin is decentralized and controlled by neither governments nor banks, people have the freedom of increasing the value of their investment.
For Brunell, Bitcoin is the people’s money. As crypto continues to rise in popularity, Bitcoin presents a new way for us to think about money. .
BRUNELL: I can’t give financial advice, but my personal belief is Bitcoin will continue to be adopted.