Bitcoin continues to prove the cynics wrong as it accelerates its global adoption amongst the world’s largest companies and hedge funds. Tesla recently announced that it purchased $1.5billion (£1.1bn) worth of Bitcoin.
MicroStrategy, the world’s largest publicly-traded business intelligence company, has adopted Bitcoin as its primary reserve owning over 90,000 Bitcoin, equivalent to over $3 billion.
Whilst Bitcoin has already well surpassed its previous all time high of 2017, some in the industry are expecting Bitcoin to rise substantially over the coming years.
Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini expects the price of Bitcoin to reach $500,000 or more within the next decade. He explained:
“Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think Bitcoin could price one day at $500,000 a bitcoin.”
What is Bitcoin?
First Decentralized Digital Currency
Bitcoin 101 – Phases of Money
Bitcoin halving, (sometimes ‘halvening’) refers to the halving of the reward for mining new blocks, with miners receiving 50% fewer bitcoins for verifying transactions. Bitcoin halvings are scheduled to occur once every 210,000 blocks, roughly every four years, until the maximum supply of 21 million bitcoins has been generated by the network. The last Bitcoin halving was in May 2020.