A little over a decade ago, an emerging asset class with big dreams of revolutionizing global financial systems hit a major milestone barely a year after it was launched.
On this day, eleven years ago, bitcoin’s market cap hit the $1 million mark for the first time, which was a major achievement for early bitcoin investors and enthusiasts.
Today, that little-known digital asset is now leading the over $3 trillion cryptocurrency industry, with its market cap currently sitting at $1.24 trillion.
Bitcoin is currently ranked at number eight on the list of the top assets in the world, based on market cap. The digital currency is almost about to overtake one of the biggest precious metals in the world, Silver.
Bitcoin’s Success Story
In just eleven years, bitcoin has managed to go from a little-known online currency with no value, to a trillion-dollar asset class with more room for growth.
The digital currency’s price has gone from under a cent to over $65,000 per unit within the relatively short period of its existence.
Many bitcoin enthusiasts believe that bitcoin has still not reached its full potential. Changpeng Zhao, the CEO of Binance had even opined that he will not be surprised if bitcoin’s price gets to $10 million.
Bitcoin’s path to success has not been without bumps. Over its short history, bitcoin has witnessed more hurdles and criticism than most other assets.
However, all these criticism and factors affecting its price movement over the past decade have gone a long way to change the narrative surrounding bitcoin.
It has shifted from simply being an “online currency” to a store of value and a hedge against the catastrophic effects of inflation of global fiat currencies.
In fact, bitcoin’s ability to withstand extreme economic crises is one of the main reasons why it is popularly referred to as the digital gold.
The Age-long Gold Vs Bitcoin Debate
True, bitcoin’s market cap is still a long way off from that of Gold. However, both assets have often been compared to each other because of their similarities.
While Gold has a historical advantage over bitcoin, the digital asset has been receiving a great deal of attention in recent months.
Some bitcoin proponents, however, believe that bitcoin is not just like gold, bitcoin is a better version of Gold.
In just a decade, bitcoin is worth over $1 trillion. What will the next decade hold for the king of cryptocurrencies? Only time will tell.
