Bitcoin has jumped into the global spotlight in recent months, exploding in price and reaching extreme highs in a short time. Amid this massive rally, the digital currency has received heavy criticism — most notably from JPMorgan CEO Jamie Dimon, who even called his own daughter “stupid” for holding bitcoin. But after BTC soared past $7,000 USD in response, it’s clear that he — and everyone like him — will go down as the biggest fools in history.
From Humble Beginnings to World Domination
Bitcoin began as an obscure, nerdy, and radical project in the underground world of the Cypherpunks, a group of anarchists dedicated to abolishing government through the use of cryptography and technology. Created in response to what Satoshi — Bitcoin’s creator — believed was as broken banking system, the technology screamed of revolution.
But even before its first transaction, when it existed only as a white paper on the Cypherpunk mailing list, skeptics questioned the viability of the digital currency.
In the face of criticism, those onboard with the project got to work — tinkering with and testing Bitcoin and its never-before-seen blockchain technology.
Then, the first block was mined, the first transaction sent, the first pizza purchased, and bitcoin reached parity with the US dollar.
Fast-forward to almost 10 years later, and Bitcoin has grown from an anarchist weekend project to a multi-billion dollar industry. Newcomers from the white-market financial world don’t know or care about Bitcoin’s political beginnings. And almost everyone agrees that Bitcoin — or at the very least its blockchain technology — will play a major role in the future of finance, one way or another.
And yet, a small but very loud portion of the mainstream finance world continues to attack Bitcoin, brushing it off as nothing special.
Are they blind, or just stupid?