Bitcoin
Did you know that between May and July 2024, Bitcoin experienced a significant fluctuation? In May, Bitcoin started the month at around $61,827 and climbed to close at approximately $68,005, reflecting a gain of 9.08%. However, it saw a decline in early June before rising again, with the average price in July stabilizing around $54,578 (Exchange Rates) (Switchere).
The International Monetary Fund updated its Balance of Payments Guide (BPM7) and included Bitcoin in its global financial statistics. It's now recognized as an asset on par with gold, land, and real estate in cross-border transactions. A funny twist, considering the IMF previously advised El Salvador and the U.S. against buying more BTC. When even skeptics can’t deny reality, it signals that the financial world has already changed.
Bitcoin is a decentralized digital currency created in 2009 by an anonymous entity using the pseudonym Satoshi Nakamoto. It operates on blockchain technology, enabling secure, transparent peer-to-peer transactions without intermediaries. Limited supply (21M coins) adds to its value.
Bitcoin is busy retesting the $92K level… could be a potential double bottom here. Keep your eyes peeled!
Bitcoin is still battling with the $94K resistance… touch and go at this stage. I still prefer the odds of a dip before continuation. However, Bitcoin often does what it wants…
ProtonMail now supports Bitcoin transfers! The new feature allows 100 million users to send BTC using an email address. This is a step towards making cryptocurrency truly accessible to everyone. Now, imagine if Gmail implemented something like this with its 2.5 billion users. Mass adoption at its finest.
The long and the short is that Bitcoin is now an instrument of wealth preservation and WEB3 is the new realm of wealth creation. A few thousand dollars invested in Bitcoin has limited, yet attractive yields. However, the same amount of capital effectively deployed in WEB3 has a greater chance of providing a more substantial return.
