The Historic Rise of Bitcoin
In the wild world of cryptocurrency, few stories are as dramatic as Bitcoin’s leap to $20,000 in 2017. This surge came shortly after it broke the $10,000 mark, proving that the roller coaster of cryptocurrency can be both thrilling and terrifying. If you thought your tax refund was surprising, you should have seen Bitcoin’s skyward trajectory!
Fueling the Fire: Wall Street Joins In
A significant driver of this monstrous rise was Wall Street’s entry into the Bitcoin game. On December 10, the CBOE launched its Bitcoin futures product, while the CME was set to follow just eight days later. If one were to compare it to a party, Wall Street arrived fashionably late, but boy, did it know how to make an entrance!
The Lightning Network: A Game Changer
As Bitcoin prices soared, excitement around the upcoming Lightning Network started to bubble up. The Lightning Network aimed to make transactions faster and cheaper—perhaps like ordering a pizza with extra toppings but at no extra cost. This technological advancement ignited further interest in Bitcoin, pushing its value even higher.
Mass Adoption and the Role of Apps
Consumer interest exploded as prices rose, leading to a surge in app downloads. The Coinbase app was logging in like it was preparing for a marathon, consistently topping Apple’s “most downloaded apps” charts. If the app had arms, they would definitely be tired from all that lifting!
The Bubble Debate: Bull or Bust?
Despite the phenomenal growth, skeptics remained unperturbed. Bankers and financial pundits continued to dub Bitcoin a bubble—like trying to discount high prices by shouting at them. It’s like watching a gripping TV thriller; no one knows what happens next. With Bitcoin soaring 1,950 percent from $974 at the year’s start, there’s no telling how the following year will unfold, or how governments will respond to this digital gold rush.
