Next Bitcoin Boom end of 2019??
Investors are remaining positive about Bitcoin as it marks its 10-year anniversary, despite a worrying drop in value in recent months.
The cryptocurrency has come a long way since the bitcoin blockchain was created on January 3, 2009.
At one point, it was considered so worthless that, in May 2010, Florida-based programmer Laszlo Hanyecz bought two pizzas for 10,000 Bitcoin, valued at the time at $30.
Had he kept the currency, it would have been worth more than $38 million, according to The Verge.
However, over the past year, Bitcoin has lost around 80 per cent in value.
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Clem Chambers, an author on Trading Cryptocurrencies, told the Standard that he invested between $1,000 and $2,500 on most of his initial Bitcoins and sold them at $18,000.
He predicts another boom for the cryptocurrency in the future.
“Bitcoin will boom again in a year and blockchain/cryptocurrencies and other applications will define the next 25 years in the same way as online/dotcom has defined the last 25," he said.
“Bitcoin is the tip of the spear and the tip of the iceberg. In both cases you want to be at the right end of it and you don’t want to have the wrong positioning as it emerges.”
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Bitcoin is marking its 10th anniversary (AFP/Getty Images)
Stephen Morrison also invested in the cryptocurrency and believes that they “are here to stay”.
He told the Standard: “In hindsight I would have sold in January and bought back in now. I would have more diligently researched coins and projects and relied less on my emotions to make my decisions, but I would most definitely invest my money and my time in Bitcoin and the blackchain again and I believe in the blockchain.”
Mr Morrison noted that there are projects involving Bitcoin to “make many financial transactions, faster, fairer and less expensive".
He added: “Bitcoin and the blockchain have their faults, but they are here to stay. It is moving more and more into our media, our movies and our stores. Major financial institutions are investing and more and more people from all walks of life are getting on board.”
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