Bitcoin turns 14 today!

January 3 is a special day for cryptocurrency lovers. Fans of the main digital asset, which, according to many experts, can seriously compete with gold and deserve to be called “digital gold”, know that the first block of BTC was mined on this day 14 years ago.

At that time, bitcoin had no value as such. The reason for this was the lack of cryptocurrency exchanges and the cryptocurrency had no value in the eyes of people, but continued its development. At the very beginning, when there were no halvings, miners received 50 BTC as a reward for 1 mined block.

Later, when the digital asset began to gain more popularity, the New Liberty Standard exchange dared to become the first place where Bitcoin could be traded and the price was $0.000764. After a short time, it rose to $0.08. Many people know the story of a guy who bought himself 2 pizzas for 10,000 BTC. At that moment, he could hardly have guessed that in 2021 the value of one such coin would reach a record high of $69,000.

BTC has really come a long way in 14 years, and according to many experts, we are only at the beginning. The author of the bestselling book “Rich Dad Poor Dad” Robert Kiyosaki has repeatedly stated that BTC can reach $1,200,000 per unit. Kiyosaki, by the way, reported that he was looking forward to what 2023 would bring, and also spoke about his plans to acquire BTC as much as possible.

If you believe the Stock to Flow model, which was developed by the anonymous developer PlanB, then in 2025 the value of BTC can reach $500,000 and overcome it. This model is rightfully viewed with skepticism by many, however, the key points marking the peak of the bull cycle coincide with what was expected according to this model. Thus, there remains, though small, but still an existing probability that we will be able to see something similar in 2 years.

It is worth mentioning separately how bitcoin remains resistant to skepticism from the haters of the cryptocurrency industry. Various economic experts, analysts and thematic publications have declared BTC dead and a “bursting soap bubble” more than 450 times. Despite this, the flagship crypto asset, although it showed significant corrections, became stronger each time and soared higher and higher. Otherwise, why would he be able to go from $0.000764 to $69,000?

BTC also has many supporters who have long recognized this asset as deflationary. In other words, if investors want to save their money and multiply it, then they will not find a better way than to invest in BTC. Although it is quite volatile, it can show excellent ability to protect financial assets in the long run.

Michael Saylor is one of the main supporters of BTC

We could see a lot of failures in 2022. The closure of Terra (LUNA), the bankruptcy of the American cryptocurrency exchange FTX, which was in the top 2 in terms of market turnover and the amount of funds available there, as well as the collapse of Three Arrows Capital, Celsius and other projects. A lot of tokens have gone into oblivion, but bitcoin is still holding on.

Considering that after each peak it lost 80-85% of its value, we are still on the way to the bottom of the current cycle, however, this scenario is already known, which also suggests that the cryptocurrency asset is moving systematically when viewed globally.

Despite the fact that we seem to be approaching the bottom of the current cycle, many experts rightly fear a dangerous year for the world of cryptocurrencies and a protracted crypto winter. The reasons for this are the many crashes that we observed in 2022. The bankruptcy of FTX was especially hard on the mood of investors and traders.

However, both of them learned an important lesson and acquired hardware wallets in order not to keep their funds on cryptocurrency platforms, but to keep their funds to themselves.

Even though Bitcoin is 14 years old, it still has many reformations and stages of adoption ahead of it. Having touched on the topic of accepting crypto assets, El Salvador cannot be ignored. This state became the first in the world to accept BTC as a state currency. Thus, people have gained the opportunity to purchase goods for themselves in BTC, and the authorities periodically buy the main digital asset. For the period from October 2021 to October 2022, this venture has not yet been successful, but in the long term, El Salvador will be able to show that the idea was really successful.

Today, Bitcoin is valued at $16,650, which is 21,793,193 times more than on January 3, 2009. Given the speed of development, crypto enthusiasts are looking forward to seeing the price as of January 3, 2030.