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Bitcoin's 12-year development confirms its value, institutional investment boosts a new round of bull run.
The pioneer of Crypto Assets, Bitcoin, was born after the global financial crisis. Its founder, Satoshi Nakamoto, aimed to provide a decentralized Blockchain currency alternative to address the shortcomings of traditional centralized monetary systems. After 12 years of development, Bitcoin has become a financial phenomenon that cannot be ignored. As stated by a large bank, things that have persisted for 12 years are hard to simply regard as a bubble.
The value consensus of Bitcoin is becoming increasingly popular. In early 2021, the Bitcoin market experienced a significant surge. On January 8th, the price of Bitcoin broke through the $40,000 mark, reaching a historic high of $41,940, more than doubling from just over a month ago. A week later, Bitcoin once again touched the $40,000 threshold, and this continuous performance of setting new highs greatly excited participants in the crypto assets market.
According to statistics from a certain data platform, as of January 20, the price of Bitcoin fluctuated around $35,000. This fluctuation is expected and aligns with the characteristics of the Bitcoin market. Due to its Decentralization and anonymity, the range of fluctuations in the Bitcoin market is often large. Data shows that the average daily volatility of Bitcoin reached 3.75%. It is worth noting that on March 12, 2020, Bitcoin experienced a single-day drop of over 50%, marking a historic black day.
The entry of institutional investors has become an important factor in stabilizing the Bitcoin market. Compared to the bull market in 2017, which was primarily driven by retail investors, the new round of increases that began at the end of 2020 is largely attributed to the participation of institutional investors.
Data shows that in January 2021, there were multiple large Bitcoin transactions. From January 11 to 15 alone, 65 large transactions were monitored, of which 19 were from anonymous wallet addresses, involving a total of 92,201 Bitcoins, worth approximately $3.5 billion.
As of January 15, 2021, there are a total of 100 Bitcoin addresses worldwide with a balance exceeding 10,000 coins, accounting for 13.6% of the circulating Bitcoin supply. If addresses holding between 1,000 and 10,000 Bitcoins are included, only 0.00695% of addresses globally control 42.5% of the Bitcoin. This data indicates that the holding structure of Bitcoin is changing, with institutional investors and large holders jointly influencing market trends.
The core characteristics of Bitcoin determine its long-term viability. First is security; the design of the Bitcoin system reinforces the trust mechanism from the underlying logic to various components. Theoretically, only by controlling more than 51% of the computing power can one crack the system, and the countless failed attempts at attacks over the past 12 years are the best proof of its security.
Secondly, there is scarcity and non-replicability. The total supply of Bitcoin is capped at 21 million, and it is expected to stop being mined by 2140. This artificially set scarcity makes Bitcoin a unique digital asset. It is noteworthy that, due to reasons such as the loss of private keys, it is estimated that about 3.7 million Bitcoins have permanently disappeared, accounting for around 20% of the circulating supply, further increasing the scarcity value of existing Bitcoins.
The high volatility of the Bitcoin market stems from its characteristics of Decentralization and anonymous transactions, which makes it a truly free market driven by economic factors, unbound by the rise and fall limits or circuit breaker mechanisms like those in the stock market.
Currently, mainstream financial institutions exhibit a clear divergence in their attitudes towards Bitcoin, ranging from extreme opposition to strong support. Some believe that regulation will determine the fate of Bitcoin, while others predict that stablecoins may replace Bitcoin. However, the 12-year development history of Bitcoin has proven its resilience. Time is the best test; external factors may have a significant impact on Bitcoin but are unlikely to completely determine its existence. These challenges may instead highlight the unique value of Bitcoin rather than lead to its value reaching zero.