Bitcoin Prime Round Up: Bitcoin’s development is “impressive”

Bitcoin Round Up: Bitcoin’s development is “impressive”, miners continue to hodln

IN BRIEF.

“I think it’s impressive that it’s held up over the last 10-11 years. It hasn’t been hacked and has a high adoption rate.”

 

Bitcoin Prime, a “damn good invention”.

 

“It (Bitcoin) is almost the younger generation’s alternative to gold, and it has no intrinsic value, but it has an imputed value, and therefore it has some value.”

While the number of BTC-holding Bitcoin miners is steadily increasing, Ray Dalio describes the development of the oldest cryptocurrency as “impressive”. At the same time, Dalio says Bitcoin is indeed the gold of the younger generations.

“I think it’s impressive that it’s held up over the last 10-11 years. It hasn’t been hacked and has a high adoption rate.”

In September 2021, Chainalysis said in its Global Crypto Adoption Index that global adoption of bitcoin and cryptocurrencies had increased by 880 per cent in one year. The index, however, is not about corporate adoption, but about “highlighting the countries with the greatest adoption of cryptocurrencies among ordinary people and focusing on use cases related to transactions and individual savings, rather than trading and speculation.”

For Dalio, as a financial expert, Bitcoin in particular lacks price stability and buyer protection. Nevertheless, Dalio described Bitcoin, the oldest cryptocurrency, as a “damn good invention”.

Bitcoin Prime miners hold BTC rewards

The Hodlers among Bitcoin miners seem to be similarly convinced. This is because the number of Bitcoin miners who hold their mining rewards in BTC instead of selling is steadily increasing. As BeInCrypto reported, the amount of Bitcoin held by miners is only 500 BTC away from its all-time high, according to on-chain analytics provider Glassnode. The all-time high was reached in December 202 at 1.778 million BTC. The number of bitcoin miners holding has been rising since March 2020.

There are many reasons to hold Bitcoin for the long term. One of these reasons is that Bitcoin is also valued as “digital gold” or “alternative to gold”. Ray Dalio explained in an interview with MarketWatch that Bitcoin is the gold alternative for the younger generation.

“Bitcoin is almost an alternative to gold for the younger generation. While the currency has no intrinsic value, it has an imputed value that makes it valuable.”

However, Dalio also assumes that Bitcoin cannot continue its success path indefinitely. After all, should governments want to ban the oldest cryptocurrency, they could do so at any time. Dalio told Yahoo! Finance that the US government would take action against Bitcoin similar to what Frank Roosevelt did against gold in 1933. While there should not be a worldwide ban, there should be restrictions on potential capital inflows into BTC.

The Austrian company BitPanda assumes a different version of the future. The crypto exchange operator launched a Bitcoin ETC on the German stock exchange. The exchange product physically backed by BTC is intended to bring the crypto world closer to the traditional financial market