One bitcoin is now worth more than it has ever been. More than gold has ever been valued. Breaching $2,000 yesterday while further continuing to increase, reaching a high of $2,088 on Coinbase.
The decentralized currency, issued by no state nor company but by code, has doubled this year, continuing a bull run since 2016, up from a low of around $200 to now reach very new heights.
Internally the currency is mired in a protocol debate about increasing a parameter to add capacity so as to keep up with demand, but externally it has gone mainstream with allegations Trump’s Press Secretary himself has used bitcoin in America while in Europe there were allegations an aid to the French President, Macron, had used bitcoin.
You can’t get more mainstream than that. Random passersby at New York Square have now probably heard of bitcoin, with their opinions probably mixed between, on the one hand, it’s connection to crime and, on the other, bitcoin, the people’s money.
The Free Market Money
No project has been more strongly forged in fire than this currency. Gifted to the world in 2008, at the height of the banking crisis which bankrupted nations and plunged a generation into debt.
A generation which then went to look for a solution with many of them thinking bitcoin or ethereum may just be it because they are transparent and not controlled by anyone, but by code, with any changes requiring wide agreement.
So one can’t just inflate money bubbling assets like houses while wages do not keep up, pricing out a generation from their own castles. A generation which may now be opting out, flocking to digital currencies which have increased to a market cap of $70 billion in a boom this space has never previously seen.
People are taking money out of stocks, out of gold, out of houses and pouring them into digital currencies which one after the other has seen gains of 10x, 20x and some even 30x.
Productivity has gone down in some corners because IT geeks are not working anymore, instead trading coins and funding projects through ICOs during their 9-5 hours.
This space is at a tipping, culturally and otherwise. It’s this generation’s stock market, combined with a 90s like doteth boom in token sales as well as eth names, with rockstars being made and artists starting to descend.
People are getting rich. Money is flowing. Because everyone wants a piece of the future and everyone wants to be part of a dream now on offer. From music to banking, industry to law, sport, accounting, car manufacturing, energy, oil, social networks and maybe even Google, the former darling of the internet in the late 90s, all stand to be disrupted.
The best minds of this generation no longer talk about how to get people to click some ads, but how to blockchenize cars, how to give industrial machines smart contracts, how to secure the authenticity of high end dresses, how to give the developing nations bank accounts, and Musk, in parallel, talks about how to conquer Mars.
The geeks have landed and they are now the coolest thing on earth. With complex maths and some lines of code, they are changing the world, for far better to the benefit of all, rich or poor, elite or peasant.
In the process, they are bringing back that dream of the 90s and returning that optimism, that burst of creativity and energy, that boom which transformed the world.