{"id":59251,"date":"2020-01-03T21:58:23","date_gmt":"2020-01-03T19:58:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59251"},"modified":"2020-01-03T21:58:23","modified_gmt":"2020-01-03T19:58:23","slug":"why-analysts-are-bullish-cryptocurrency-bitcoin-11","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/why-analysts-are-bullish-cryptocurrency-bitcoin-11\/","title":{"rendered":"Why Analysts Are Bullish On Cryptocurrency As Bitcoin Turns 11"},"content":{"rendered":"<h2><strong>Bitcoin Is Now 11 Years Old<\/strong><\/h2>\n<p>Today is January 3rd, 2020. And if you know anything about the history of Bitcoin, you know that this means the world&#8217;s first cryptocurrency and its respective blockchain has turned 11 years ago, with this being the date that Satoshi Nakamoto, the pseudonymous coder-hacker behind the project, mined the Genesis Block of Bitcoin.<\/p>\n<p>In it, the creator encoded a headline regarding the Great Recession of 2008, cementing the idea that he launched the project to counteract banks and governments in the minds of many.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Happy Birthday Bitcoin!<\/p>\n<p>&mdash; Andreas (BEWARE of giveaway scams!) (@aantonop) <a href=\"https:\/\/twitter.com\/aantonop\/status\/1213087893935263747?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 3, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Since then, <a href=\"https:\/\/en.ethereumworldnews.com\/?s=Bitcoin\">Bitcoin<\/a> has seemingly been on an unstoppable rise, with the price of the asset, which many say is the best measure of its success, rising by literal millions of percent, making it the best-performing asset, well, ever. That&#8217;s not to mention that the cryptocurrency has accomplished this all in a decade&#8217;s time, effectively irrelevant on a macro scale.<\/p>\n<p>The project has also been successful on a transactional basis. Cryptocurrency research firm TradeBlock <a href=\"https:\/\/twitter.com\/TradeBlock\/status\/1210313908529049601\" rel=\"nofollow noopener\">found<\/a> that the cryptocurrency &#8220;has had a record 2019 with transaction count, transaction volume (USD equivalent basis), and hash rate reaching new all-time highs this past year.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> has had a record 2019 with transaction count, transaction volume (USD equivalent basis), and hash rate reaching new all time highs this past year. <a href=\"https:\/\/t.co\/hSGXyeq4JR\" rel=\"nofollow\">pic.twitter.com\/hSGXyeq4JR<\/a><\/p>\n<p>&mdash; TradeBlock (@TradeBlock) <a href=\"https:\/\/twitter.com\/TradeBlock\/status\/1210313908529049601?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>All this has made some of the <a href=\"https:\/\/en.ethereumworldnews.com\/paypal-ceo-silicon-valley-loving-bitcoin\/\">world&#8217;s most prominent people talk about it.<\/a><\/p>\n<p>In February, Elon Musk \u2014 co-founder of PayPal, chief executive of SpaceX and Tesla, founder of the Boring Company, among other titles \u2014 said in a podcast that the cryptocurrency has an underlying structure that is \u201cquite brilliant,\u201d adding that he thinks maybe Ethereum and \u201cmaybe some of the others\u201d might have technological merit. The renowned technologist concluded by stating that he thinks \u201cwithout a doubt\u201d that crypto is a \u201cfar better way to transfer value than pieces of paper.\u201d<\/p>\n<h2><strong>Analysts Bullish On Bitcoin<\/strong><\/h2>\n<p>While Bitcoin has done absolutely stellar in its 11-or-so years in existence as laid out earlier in this article, analysts and industry executives are optimistic that the following decade for the leading cryptocurrency and its ilk will just not good, if not better.<\/p>\n<p>Andy Bromberg told Bloomberg that \u201cwe are seeing a level of building that has happened in 2019 [which makes it feel like] we\u2019re in the moment of everyone is putting on their jumpsuits, ready to take off.\u201d Bromberg added we&#8217;re seeing crypto-related innovation hasn\u2019t been seen since 2017, boding well for prices in the future.<\/p>\n<p>And Changpeng \u201cCZ\u201d Zhao, the prominent chief executive behind crypto\u2019s top firm, Binance, was recently quoted as saying that he thinks that the long-term trajectory for the Bitcoin and crypto market remains decidedly positive:<\/p>\n<blockquote><p>\u201cBitcoin is still a small market cap instrument so there will be high volatility in the short term. However, if you look at the fundamental technology, the longer-term view, about a 5-year or 10-year horizon, we\u2019re very confident that bitcoin and cryptocurrencies are here to stay.\u201d<\/p><\/blockquote>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@adigold1?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Adi Goldstein<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/birthday?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Is Now 11 Years Old Today is January 3rd, 2020. And if you know anything about the history of Bitcoin, you know that this means the world&#8217;s first cryptocurrency and its respective blockchain has turned 11 years ago, with this being the date that Satoshi Nakamoto, the pseudonymous coder-hacker behind the project, mined the Genesis Block of Bitcoin. In it, the creator encoded a headline regarding the Great Recession of 2008, cementing the idea that he launched the project [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":59252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,83,1212],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59251"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=59251"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/59252"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=59251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=59251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=59251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}