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Business News/ Markets / Cryptocurrency/  As Bitcoin turns 14, the cryptocurrency awaits new ‘milestone’ moments
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As Bitcoin turns 14, the cryptocurrency awaits new ‘milestone’ moments

Bitcoin is currently trading over $16,500 level
  • The cryptocurrency is down by three-quarters from its record high of $69,000 that it had hit in November 2021
  • Bitcoin and cryptocurrency are by-products of blockchain technology, a secure way to enter into any transaction online (Shutterstock)Premium
    Bitcoin and cryptocurrency are by-products of blockchain technology, a secure way to enter into any transaction online (Shutterstock)

    Bitcoin, the world's biggest and most popular cryptocurrency is celebrating its 14th birthday today. On January 3, 2009, the first block of the Bitcoin blockchain, known as the Genesis block, was mined by the pseudonymous developer(s) known as Satoshi Nakamoto. Cryptocurrencies are by-products of the blockchain technology.

    "Despite challenges, Bitcoin has continued to thrive and has become an alternative to the centralised financial world. As Bitcoin turns 14 years old, it is worth reflecting on the incredible journey that it has been on thus far and the many innovations that it has inspired. Here's to hoping that the next 14 years are just as exciting for Bitcoin and the broader cryptocurrency world," said Rajagopal Menon, Vice President, WazirX.

    Cryptocurrencies had a harsh 2022 after reaching record highs late last year, buffeted by everything from the Fed’s policy tightening to the implosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and exchange FTX. 

    “Bitcoin turns 14 years old today. Being the front runner in this fast-maturing asset class, Bitcoin had a roller coaster ride. From being exchanged for a couple of pizzas to giving people ambitious hopes of buying Lamborghinis with their holdings to more rational adoptions, such as investment products by financial institutions, Bitcoin has come a long way. We are witnessing a modern financial revolution led by Bitcoin. With nations drafting legal frameworks around the usage of cryptocurrencies, the coming times are going to be milestone moments for Bitcoin and the cryptocurrency ecosystem," said CEO and Co-founder, Edul Patel, Mudrex.

    Bitcoin, which is currently trading over $16,500 level, is down by three-quarters from its record high of $69,000 that it had hit in November 2021.

    “We will see a lot of regulations in 2023 and the years to come and the markets will mature and become stable. All these moves will penetrate Bitcoin more and more in the global economies. The decentralized nature of Bitcoin will prove it to be the most trusted on the in the future as compared to other crypto currencies which are very much centralized," said Amanjot Malhotra, Country Head - India, Bitay.

    “Looking at the historical growth of Bitcoin, we find that it has thrived victoriously through multiple bull and bear market cycles. According to data from Glassnodes, close to 60% of circulating Bitcoin hasn't moved in a year. This shows that the trust in the asset remains rock solid. We are confident that Bitcoin will continue to emerge victorious and see greater heights in future," said Raj Karkara, COO, ZebPay.

     

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    ABOUT THE AUTHOR
    Saloni Kothari
    Covers markets, personal finance and economy for Livemint and currently hosts the 'Millionaire On A Budget' podcast
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 03 Jan 2023, 12:00 PM IST
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