Cryptocurrencies ‘come of age’ as Bitcoin celebrates 10th birthday
Happy 10th Birthday Bitcoin!
Yes, it’s been 10 years since the mysterious Satoshi Nakamoto published a white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”, and now, a decade later, the cryptocurrency market is unquestionably coming of age.
As I was quoted today as saying by the Daily Express, The Independent, Yahoo News, Market Watch, Value Walk and TalkMarkets amongst other media, Bitcoin’s birthday follows the publication of a report into the cryptocurrency sector this week by the Cryptoassets Taskforce, alongside the 2018 Budget documentation.
The Taskforce was created by UK Chancellor Philip Hammond back in March this year, which consists of HM Treasury, the Financial Conduct Authority and the Bank of England.
The principal objective of the Taskforce is to pave the way to the establishment of Britain’s policy and regulatory stance towards cryptoassets and blockchain.
I’ve said it before and I’ll say it again. Traditionalists who are still of the opinion that digital currencies are a passing whim continue to adopt a King Canute-esque mindset. You cannot command the tides of the sea to go back, and you cannot regard cryptocurrencies as a fad. They’re here to stay. They are the future of money.
As well as Bitcoin celebrating its 10th birthday, an increasing number of governments, regulators, financial institutions, and retail and institutional investors understand the very real, escalating demand for digital, global currencies in today’s increasingly digitalised and globalised world.
This is highlighted in the final report issued by the Cryptoassets Taskforce, which affirms that ‘the market is continuing to evolve rapidly and ‘there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market’.
It’s my view that this proactive approach by the Taskforce in a move towards regulating the crypto sector should be applauded. There needs to be a solid, global regulatory framework and constant supervision to protect retail and institutional investors, and also help to combat criminal activity.
The Taskforce’s report went on to say: ‘The government, the FCA and the Bank of England will continue to be actively involved in international efforts [on regulation], and the UK will be a thought leader in shaping future regulatory approaches.’
The ongoing move towards crypto and away from fiat money will only gain pace over the next decade. As I said in a media statement last week, it can be reasonably argued that the cryptocurrency market cap could reach at least 5000 per cent over its present valuation over the next 10 years.
This could see the value of the market reach the $20 trillion mark in a decade.
Therefore, as Bitcoin blows out its 10 birthday candles, and as authorities worldwide look to channel the massive potential of cryptocurrencies, it’s undoubtedly clear that the crypto market is coming of age.
Happy Birthday Bitcoin!