BITCOIN Continues to Surprise
Updated: May 10
If you’ve been sitting on the sidelines and speculating if Bitcoin is truly a transformative technology, here is your chance to engage with the recent innovations and gain an appreciation for what Bitcoin large system of connected computers are capable of doing.
Bitcoin continues to surprise and innovate as it grows its network. While some people debate whether it is like gold, silver, stock, money, or imaginary money, the truth is that Bitcoin incorporates all aspects of recent market and money inventions. Bitcoin acts as a system capable of being all of the above and more.
Recent events over the past few months provide several examples of Bitcoin's capabilities. For instance, when the Feds lowered interest rates and printed money, Bitcoin acted like the S&P500. However, when inflation took over in 2022, Bitcoin acted more like gold. Moreover, when US banks failed, Bitcoin acted like a bank, and people started many new accounts.
Bitcoin is a multifaceted system that continues to evolve. The BRC-20 Marketplace rose from Zero to Eight Hundred Millions in capital over 4 weeks.
Most recently the introduction of Ordinals and BRC-20 Tokens have taken the Bitcoin system by surprise over the past two weeks. This new open marketplace has created a market that rose from $0 on March 7th to over $800M in capital at the time of writing this article on May 9th, 2023.
Although there are pros and cons to BRC-20 or Ordinals and their impact on transaction fees or block space, this article focuses on the long-term importance of these developments.
BRC-20 tokens are popular because they create a new open marketplace. Anyone can create a coin by paying a small fee to mint it, and everyone else who thinks it is a cool token can issue some for themselves and hold it. When enough people do this and like it, it creates a marketplace for it.
Although this market is completely unregulated, highly speculative, and risky, it is these exact attributes that make it valuable for a group of people who like to play in that market. Bitcoin enables this in a fair and unchanged way.
Bitcoin's transformative technology is evident in the BRC-20 market's growth over a few weeks without centralized control or influence. This innovative technology continues to surprise and grow, making it one of the most significant human creations in the history of commerce.