Bitcoin has risen from around $30,000 as reported in the article to its current high of $130,000. Those who panicked then are likely the same people who are panicking now. But don't panic; blockchain is still here, and all preparations are being made to create a better market.
Bitcoin and gold have no inherent value, but humans have had a strong interest in gold since the dawn of civilization. Even before the dawn of civilization, humans had a special affinity for shells, and for a long time, our ancestors used them as a medium of trade and ornament.
Gold is the treasure of carbon-based civilizations, while Bitcoin is humanity's experiment in wealth as we move toward silicon-based civilizations. Together, they provide a long-term hedge against the fiat currency system, and both those who panic and those who believe in it will switch back and forth between the two markets.
Like gold, its share of the economy will decrease over time. From ancient Egyptian Mesopotamian civilization to modern civilization, gold's influence on wealth and power has been steadily declining. Bitcoin will similarly decline from its current market share of 60% to between 4% and 8%.
As a medium of exchange, so too will gold, and so will Bitcoin. No one can reverse this trend. Two years ago, when Bitcoin was at $30,000, many people panicked, believing it would inevitably pull back before the halving. But now, those who panicked are a laughingstock, and those who differentiate between altcoins and Bitcoin will also become a historical joke. For people, whether shells, gold, or Bitcoin are used as a medium of exchange is unimportant; what matters is whether there are better means of production.
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