This archive report was first published on 7 June 2020.
On June 7, 2020, the world of cryptocurrency was abuzz with the potential of Bitcoin. Created by the enigmatic Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first and original cryptocurrency.
As a store of value, Bitcoin has shown remarkable resilience, with over $100 billion stored in the digital currency. Its value is not derived from any physical attributes, but rather from the global community's perception of its worth. As Apple co-founder Steve Wozniak noted, Bitcoin's value is similar to gold, but with the added benefits of ease of storage, transport, and security.
However, Bitcoin's current form is not suitable for use as a medium of exchange. Its slow transaction times and high costs make it impractical for everyday transactions. Nevertheless, its potential as a medium of exchange is undeniable, and experts predict that it could become the primary medium of exchange in the future.
As the world of traditional finance continues to grapple with the disruption caused by Bitcoin, experts are divided on its future price. Warren Buffet and J.P. Morgan Chase CEO Jamie Dimon have been vocal in their criticism, while others, such as internet entrepreneur Alexis Ohanian, predict that Bitcoin's value will hit an all-time high of $20,000.
