Bitcoin has the potential to reach $1 million by 2030, as predicted by Cathie Wood, a well-known figure for her innovative investment strategies. She believes Bitcoin possesses fundamental characteristics that make it superior, such as being global, private, digital, decentralized, and rules-based. Wood envisions Bitcoin leading a monetary revolution that could significantly impact financial sovereignty on individual and institutional levels. Her firm, ARK Invest, focuses on cutting-edge industries like cryptocurrencies and blockchain technology, further supporting her bullish outlook on Bitcoin’s future.
Bitcoin was the first successful internet money based on peer-to-peer technology, and no central bank or authority was involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable, and immutable way. It is a decentralized peer-to-peer internet currency that makes mobile payments easy, has meager transaction fees, protects your identity, and works anywhere all the time with no central authority or banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using an ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes. As the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, etc. The cryptocurrency then took off with Ethereum’s innovation of the Turing-complete smart contract, which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.
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