The Rise and Fall of Bitcoin: What Is Its Price Today?

Bitcoin, the first virtual currency released to the marketin 2008 created by Satoshi Nakamoto (pseudonym) after the global financial crisis; This digital currency was based on the ideal of libertarianism and sought to challenge traditional monetary and financial institutions.

Known in the market world by the acronym BTC, bitcoin uses cryptography to ensure that its management is decentralizedIn other words, it cannot be regulated by any banking institution or institution, which in turn makes cryptocurrencies volatile.

It was in 2008. November 1 Satoshi Nakamoto sent a message to the cryptocurrency mailing list titled bitcoin P2P e-cash paper, hinting at a new type of electronic money system that was direct rather than intermediary based.

Not long after in 2009 January 3 bitcoin finally went live with the first batch of 50 coins known as the “Genesis Block” which was mined by Satoshi Nakamoto himself. According to records, there are currently 19.23 million in circulation. bitcoin, even though the money supply continues to grow.

In 2013, this initially worthless cryptocurrency reached $1,000 and began to attract the attention of financial institutions. months later experienced the greatest crisis after the hacking of the MtGox platform led by Mark Karpelès, where up to 80% of the units in circulation were exchanged, which reduced its value.

in 2017 at the end, a new rally set it at $19.51. Today, its price went up to $68789.63also influenced by comments from relevant figures such as Elon Muskwhich made it the most important cryptocurrency of our time.

Despite the progress and volume that Bitcoin and other large digital assets such as Ethereum have had, organizations such as World Bank, International Monetary Fund (IMF) and Inter-American Development Bank (IDB) they still doubt the benefits of this type of cryptocurrency.

Bitcoin, Ethereum Rise on Possible Fed Dovish Shift -

In contrast, there are others that have shown a strong interest in bitcoin, such as the government El Salvador, which in 2021 June 9 became the first country to adopt this cryptocurrency as legal tenderbut not only that, President Nayib Bukele announced his intention to create the first Bitcoin City in Konchagwa.

Similarly, prosperous HondurasSpecial Autonomous Zone of Central America opened in 2020. on the paradise tourist island of Roatan, has chosen to use bitcoin as a legal tender virtual currency, despite the fact that banking institutions do not guarantee its operation. There have also been political figures in Mexico and Portugal who have proposed legalizing this digital currency.

in 2022 May 5 The Gucci brand has joined the list of stores betting on using this currency to buy luxury products. Payments using this digital asset are available at branches in New York, Atlanta, Miami, Los Angeles and Las Vegas in the United States.

Bitcoin cryptocurrency
Bitcoin keys. (Illustration by Anayeli Tapia)

Bitcoin cryptocurrency price

Hour: 13:00 (UTC time)

Value : $17663.99

Changes in the last 24 hours: -0.96%

change in the last hour: -0.19%

Popularity by Capitalization: #1

Bitcoin in El Salvador is one year away

in 2021 August. Salvador made history becoming the first country in the world to adopt bitcoins how legal tenderHowever, a year after its implementation, it did not bring much benefit and was not favorably received by the citizens.

A fully representative survey shows that 20% of Salvadoran households use the Chivo wallet to manage Bitcoin cryptocurrencies; of these, only 20% of owners of any commercial business have accepted bitcoins as a payment method.

A community in Guatemala is mining Bitcoin with used cooking oil

In this context, it stands out that the government from Nayib Bukele spent over $100 million buying this digital assetwhich are now worth less than $50 million thanks to the options she provided.

When Bukele announced that El Salvador would accept bitcoin as legal tender, the cryptocurrency was worth $35,000; When it was officially announced, it was valued at $45,000. However, after the so-called “crypto winter”, the coin fell to $20,000.

Fitch recently cut its credit rating outlook for El Salvador in 2022 amid concerns over its bitcoin policy.


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