Bitcoin is boring. At least, that’s what everyone is saying these days. Family, friends, even parents on the school run – everyone I talk to at the moment tells me, “Bitcoin is boring.”
But is it?
Having made headlines over the years for its “sudden surges” and “catastrophic crashes”, most people who have heard of Bitcoin know of it to be a high risk and volatile asset – so why are these same people now calling Bitcoin “boring”?
The most obvious answer is because of the price, which became one of the most talked about factors following the great bull run of 2017. For those who maybe aren’t aware, the price of Bitcoin increased nearly 20-fold between January 2017 and December 2017 – starting at $998 and peaking at $19,400 – before then falling 83% to $3,300 in the 12 month period after. The rise and fall of Bitcoin was picked up by the media all around the world and earned Bitcoin the reputation of being a “highly volatile asset.”
And Bitcoin has lived up to that turbulent reputation in the years since, dropping 37% in a day in March 2020 (thanks Covid!) from $7,900 to $4,970, before rebounding to a new all time high (ATH) above $60,000 in 2021.
But since the start of 2022, the price of Bitcoin has remained reasonably stable, fluctuating between $35,000 and $40,000. On occasion, it has gone higher or lower, but not for long.
3 months may not seem like a long time, but in Bitcoin, 3 months can feel like 3 years. And while a 15% price movement over 3 months may seem like a lot in such a short period for your typical investor, long-term Bitcoin investors will tell you that this isn’t the case – until recently, double digit percentage swings in a day were not uncommon!
Compared to the excitement and euphoria felt by everyone when Bitcoin hit a new ATH of $68,000 in November just last year, I agree that the Bitcoin market does feel a bit… meh. But if we just forget about the price for a minute (hard, I know), and look at what’s happening in the bigger picture, Bitcoin is far from boring.
A lot of what is actually happening for Bitcoin remains largely unreported by mainstream media outlets. Given that it’s the only thing journalists seem to like to report on, it can often feel like the price is the most important thing about Bitcoin, but I’m here to tell you it’s not! There’s more to the value of Bitcoin than its price.
Since the start of this year alone, there’s been a number of certainly-not-boring things that have happened for Bitcoin but have gone widely unreported because (and I can only assume), they don’t fit the Bitcoin agenda that the mainstream media want to report on.
So without further ado, here are 10 pretty big things that have happened for Bitcoin since the start of 2022:
- Global investment bank, Goldman Sachs, predicted the price of Bitcoin could be worth $100,000 if investors accept the premise that Bitcoin really is digital gold.
- Billionaire, Bill Miller, revealed that he holds 50% of his personal wealth in Bitcoin.
- NBA stars Klay Thompson and Andre Iguodala announced they would take part of their salaries in Bitcoin.
- Former Twitter CEO, Jack Dorsey, announced he was creating a nonprofit group, the Bitcoin Legal Defence Fund, that aims to help developers experiencing any legal issues.
- Technology giant, Intel unveiled a new Bitcoin mining chip, Bonanza Mine (BMZ1).
- Mexico’s third richest man, Ricardo Salinas, came out and said that Bitcoin is a better option than fiat money.
- Fidelity revealed they have been mining and accumulating Bitcoin since 2014.
- Tesla revealed they now hold almost $2 billion worth of Bitcoin on their balance sheet, following their $1.5 billion Bitcoin purchase in 2021.
- KPMG Canada announced that it had bought Bitcoin for its corporate treasury.
- The Mayor of Rio De Janeiro announced they are putting 1% of their treasury in crypto and would also offer a 10% discount to anyone who paid their taxes in Bitcoin.
Bitcoin, boring? I don’t think so.
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