Bitcoin Celebrates 12 Years of Its White Paper by Reaching $14K
The best is yet to come.
|Sylvain Saurel||Nov 2, 2020||3||5|
It is November 1st, 2020. Yesterday was a special day for Bitcoin. Indeed, it was on October 31, 2008, that a mysterious unknown man named Satoshi Nakamoto published a white paper that would change the face of the world forever.
Satoshi Nakamoto’s white paper was soberly entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
If you still haven’t read this nine-page document, I invite you to do so. It is pure poetry. In just nine pages, Satoshi Nakamoto has managed to describe the functioning of a complete system that was designed to empower the people in matters of money.
So it’s been twelve years since the idea of Bitcoin was made available to the general public. The official launch of Bitcoin will take place a few weeks later on January 3, 2009.
Satoshi Nakamoto knew from the very beginning that Bitcoin had only two options for its future:
“Bitcoin will succeed, or it will not. There’s no 3rd option. Right. Otherwise we couldn’t have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume.”
— Satoshi Nakamoto
Satoshi Nakamoto already envisioned that Bitcoin could only become a phenomenal success or a resounding failure. He chose to give Bitcoin to all the people of the world as a wonderful gift.
With this incredible gesture, Satoshi Nakamoto showed everyone that he was well aware of the importance of his unique invention.
It would then be up to Bitcoin users to make Bitcoin a success or a failure. Almost twelve years after the official launch of Bitcoin, we can safely say that Bitcoin is a huge success. The first option considered by Satoshi Nakamoto seems to be the one that will take over.
To celebrate with dignity this 12th anniversary of the publication of his white paper, Bitcoin has reserved us a nice surprise on October 31, 2020. Indeed, its price reached $14K. This breakthrough at $14K was brief since the price of Bitcoin was then rejected, bringing it back to $13.5K.
Nevertheless, we should not minimize the fact that this was the first time since January 2018 that the Bitcoin price reached $14K.
The month of October 2020 will therefore remain a great vintage for Bitcoin since its price will have increased by +32% from $10.5K to $13.8K at the time of the monthly closing.
As we approach the 6 months post-Halving, the plan is going smoothly for Bitcoin so far. Indeed, it is usually in this 6-month period that the post-Halving Bull Run takes shape. It would appear that there are no exceptions to what will become the rule with this third Bitcoin Halving.
The sharp increase in the Bitcoin price in October 2020 is nothing compared to what is expected for Bitcoin in the coming months. Therefore, many wonder if Satoshi Nakamoto could become the richest person in the world in the future.
If tempted that Satoshi Nakamoto is a real person and not an entity as some suspect, I think it is a very real possibility. I explain all this in detail in a dedicated article that I invite you to read: “Can Satoshi Nakamoto, Bitcoin’s Creator, Become the Richest Person in the World?”.
I’ve told you a lot about money so far, but you should not lose sight of the fact that Bitcoin is a multifaceted revolution. Therefore, the consequences of Bitcoin on the society of the future will be very important.
Bitcoin aims to build a better world for everyone in the future, and that is also where it is truly revolutionary.
While Bitcoin will not make you happy instantly, it will give you the freedom to live your life on your own terms. And it is precisely this freedom that will maximize your chances of achieving happiness in your life.
Rather than talking about happiness, I should be talking about contentment, as some rightly pointed out to me this week in a comments.
Finally, it will not have escaped you that the American presidential election will take place in a few hours. If I sincerely believe that American citizens should elect a better president than Donald Trump to represent them, you shouldn’t delude yourself.
Even if Joe Biden is elected, the monetary and financial system will not cure all its ills with a wave of the magic wand.
In general, more and more citizens around the world are rejecting political systems. This is clearly no coincidence. And I think that fixing money with Bitcoin can be the first step in fixing the problems of political systems.
By giving control of money back to the people, Bitcoin will avoid allowing politicians and bankers to give in to the natural human inclination for corruption. Without these temptations, politicians will make better decisions, and the people will gradually regain confidence in the political system.
I agree that there is still a long way to go, but we must start with a first step, as Lao Tzu said:
“A journey of a thousand miles begins with a single step.”
Bitcoin is the first step for a fairer world in the future.
On that positive note, I wish you all a good week.
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