Bitcoin has a tenacious hold on the market. It’s also a superstar on social media, hip, and in-demand. Compared to some of the biggest tech startups, it is one of the fastest-growing multi-million-dollar industries the world has seen. This decentralized superorganism has reached $1 trillion within a period twice as fast as most leading companies. Despite the critics’ dire predictions, BTC forged new records, touching the $50,000 - $63,000 marks this year. And one question is on everyone’s lips: to what does Bitcoin owe this miraculous success? Let’s figure it out together.
According to Crypto Parrott, a cryptocurrency social trading simulator, it took retail giants like Amazon a quarter of a century to reach a $1 trillion market cap, almost half a century for Microsoft, and 42 years for Apple. Interestingly, Google was faster than everyone else - 21 years to complete the mission. Nevertheless, they all pale in the shadow of the king of crypto – it took BTC just 12 years to fly so high. But this is not just due to coincidence. Bitcoin has some distinctive features that gave it this competitive advantage. You need to understand that the market value of Bitcoin is different from the other traditional assets. Traditional players offer material products, the demand for which contributes to the growing demand. The rise in Bitcoin’s market capitalization is mostly driven by speculation. But institutional investors can radically alter the situation.
More and more biggies have drawn attention to the crypto world to date. MicroStrategy and Tesla are cases in point. These companies invested more than $ 2.2 billion and $ 1.5 billion in BTC, respectively. Likewise, we have seen firms like Square putting hundreds of millions of dollars into this undeniably ingenious invention. All these events could not leave the digital Gold unaffected. So, it caused a drastic price hike in 2020-2021.
Furthermore, we have witnessed new additions to the Bitcoin space, such as Ethereum ETFs in Canada or the Coinbase listing on Nasdaq. They also potentially help digital currency by ensuring Satoshi maintains its trillion-dollar position.
Celebrities are catching up with the crypto space as well. One of the best-selling music artists of all time, Eminem, announced that he would be dropping his first NFT (Non-Fungible Token) release. The Weekend, a Canadian singer and record producer, teases a new song to be released as NFT. It cannot but please us because the future currency revolution is well underway. Let’s hope it will eventually be unstoppable.
