Don’t believe the Obits for Bitcoin

Reports of cryptocurrency deaths are exaggerated. For those who have followed Bitcoin since its inception, the drop from $64,000 to $20,000 is simply another of Bitcoin’s “many deaths” (a website followed 455 obituaries). Those who bought above are wondering why bitcoin is only $20,000. This question would have been unthinkable a few years ago. We should ask the opposite question: Why is this internet created money, started by an unknown programmer on an obscure web forum, traded like this? high?

With millions of dollars of speculation in non-fungible tokens, initial coin offerings, and obvious get-rich-quick schemes, it’s easy to forget that Bitcoin wasn’t created by people looking to get rich. It was designed by a pseudonymous programmer named Satoshi Nakamoto who wanted money not controlled by state-run central banks. Like gold, the Bitcoin network is outside the control of any political entity. There is a predictable rate of money creation, and the number of bitcoins in existence will never exceed 21 million.