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A pivotal moment in the global economy is underway as digital currencies continue to become adopted and supported by businesses, organizations and countries around the world. Global advocacy for coins such as Bitcoin and Ethereum have reinforced the public’s trust regarding this once-fringe movement, and as companies like Microsoft, Newegg and Burger King, alongside countries like El Salvador, go out of their way to embrace and adopt Bitcoin, a change in the foundational culture of Bitcoins ecosystem itself is evolving.
Bitcoin is no longer a fad or a trend or a fast way to make a short sum of money. Instead, Bitcoin has evolved into the fully-fledged financial system of the future. It has surpassed even the most optimistic of views in terms of employability, the world has embraced it and the coin’s future has become set in stone by a community of individuals that pursue, invest, trade and play its most significant role. Bitcoin miners around the world have begun holding on to coins with no intention to sell for quick profits, the bitcoin industry has thus developed into a long term economic strategy to provide real-life, long term monetary investment in an industry that has found its footing amongst the volatile stock market.
There is a maximum supply of 21 million bitcoin available. Nearly 19 million Bitcoin are already in circulation with just over 2 million coins still left to be mined. Meaning that 90% of the entire collection of bitcoin has already been distributed to wallets around the world. Trends over the past 5 months have shown that 13.5 million bitcoins have been held in wallets without any movement, this signifies a shift in the mentality of bitcoin miners who would usually be trading, selling, or staking rewarded coins, or using them to purchase. Instead, our intel appears to show that Bitcoin miners have moved into a holding phase of the digital currencies history and they do not intend on selling.
But why the sudden shift in perspective? With bitcoins, dominance stretching out across sectors and industries and a greater percentage of people requesting decentralized, open platforms for business, finance and commerce, Bitcoin has positioned itself as the number 1 trusted and backed cryptocurrency for nearly a decade. It is no longer just a movement. In 2021, El Salvador became the first country to invest in Bitcoin when they purchased 15 million dollars worth, equating to 410 Bitcoin. Obviously, El Salvador is not looking for a get rich quick scheme, they are but the first of many to make the calculated decision to play a primary role in their countries adoption of cryptocurrency and the decentralized blockchain system it stands upon.
New forecasts from financial statisticians speculate that Bitcoin could reach $1 Million (USD) a coin by 2030, with Ethereum’s market capitalization hitting 20 trillion dollars. These trends are buoyed by the world’s increasing acceptance and obsession with the digital ecosystem and showcase a new focus for human beings that are fed up with centralized financial systems and the inequality that often stems from them. People want to have control of their lives again and financially people want less risk with monetary decisions, something that cryptocurrency investments have a hard time providing, but one that Bitcoin strives at.
Even if Bitcoin only reaches half the presumed value, in just 8 years it would see a 13x increase from where it sits at the time of writing this article. This has a profound impact on the mining community where the change in mentality has the biggest impact. With more companies adopting Bitcoin, businesses accepting it as payment, and celebrities and CEO’s around the world endorsing the use of bitcoin, it only seems obvious that the world’s first cryptocurrency, sets the stage for an entire financial takeover.
This is all happening in light of an upcoming decision by the SEC (U.S. Securities and Exchange Commission) against Ripple’s XRP coin and a new 654-page plan aimed at regulating “Treasury markets platforms.” The crypto industry has stated that this plan is determined to allow regulators to probe into crypto platforms and protocols and could be used to control and govern the industry because it would bind those platforms to register and be subject to regulation. This new plan is part of the SEC’s long-standing battle against Ripple which has been accused of selling more than $1 billion worth of XRP tokens in an unregistered securities offering. The SEC hopes to win an ongoing court course with the aim to provide more protection for investors. If the SEC were to lose the case, it would reinforce calls from the cryptocurrency industry to push congress to write clearer and more suitable laws. The court case has been ongoing for over a year now, with hopes to settle by the end of 2022.