OPINION: Bitcoin set to reach the moon


Official Bitcoin website

The Bitcoin website explains the simplicity of how their cryptocurrency works: “Once you’ve installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once.”

Brandyn Petruccio, Guest Writer

Many people have mixed feelings about how Bitcoin will perform in the future, but I believe Bitcoin will boom even more and eventually replace federally-controlled currency.

This year has been huge for Bitcoin due to increasing attention and a big purchase from billionaire Elon Musk. And things are just starting to ramp up.

Billy Bambrough of Forbes wrote, “Now, Deutsche Bank analyst and Harvard economist Marion Laboure has predicted ‘the next two or three years should be a turning point for bitcoin,’ pointing to Tesla’s trajectory as a potential road map for bitcoin to ‘transform potential into results’.”

Unlike government-issued currencies, Bitcoin allows for online transactions without the need for a middleman. A reporter for Coinbase wrote, “The removal of those gatekeepers creates a whole range of new possibilities, including the potential for money to move around the global internet more quickly and cheaply, and allowing individuals to have maximum control over their own assets.”

Early on, Bitcoin was pretty much worthless, now one Bitcoin is worth over $60,000. The Coinbase reporter wrote, “During the first quarter of 2011, it exceeded a dollar. In late 2017, its value skyrocketed, topping out at close to $20,000.”

Bitcoin has seen a huge increase in value due to some recent world events. Jean Nichols of The Goodmen Project wrote, “During a pandemic, when people failed to get returns on their investments, they all invested their funds in Bitcoin, which was the main reason behind the increase in the value.”

Math teacher Michael Pinto has invested in Bitcoin and believes that it will keep rising in the coming years. He said, “Bitcoin can provide high returns on your investment. If you were one of the people that got in on Bitcoin when it was under a dollar, now you’re looking at a $60,000 stock.”

Like Bitcoin, there are many other cryptocurrencies that have seen massive gains recently, and they have the potential to go even higher than Bitcoin. Pinto said, “I am currently invested in two other cryptocurrencies: Ethereum and Dogecoin.”

Harvard economics professor Marion Laboure told Forbes that she sees potential in Bitcoin but admits the price could remain “ultravolatile.” She said, “In the long term, Bitcoin, like Tesla, will have to transform potential into results to sustain its value proposition.”