The flowering of Bitcoin
by Kay Hare
Bitcoin has gradually been flowering, especially over the last 12 months since I have come to grasp and understand Bitcoin a bit more. The flowering of Bitcoin is my reasoning for a series of new paintings and articles based not just on a currency but on ‘hope’ and ‘belief’. All this for a computerized way of transferring money? Bitcoin offers so much more than an investment but an investment it is. Firstly, it has grown from being in its hundreds in 2014 and then moving along until 2018 where it moves to be worth $18,000 with a fall back down to $3,000 in 2019 after that it’s a bumpy ride until June 2020, where thanks to Covid we get a rise back up to be worth $9,000 and a bull market from there leading us to March 2021 where it is now worth $55,000. Covid has helped Bitcoin dramatically and perhaps just in time for people to continue their faith in the markets and what the future holds.
Bitcoin is a bit like art in that it is subjective and is only worth what people are prepared to pay, and the more people buy into it, the more the value increases. There is no regulatory body or holding company dictating prices or swayed by the markets. It’s simply people’s faith in Bitcoin. It’s not a company but a protocol. Governments started to print money as the Covid spread around the world to fund the unemployment issues and to find solutions to deal with the virus. People were nervous, especially as most of the world is already in a financial crisis with many debts. Printing more money adds fuel to the flame. However, Bitcoin offered a way out. A new form of currency that was just starting to get attention financially and emotionally. People needed something to believe in, and the timing was perfect for Bitcoin to flourish and shine.
I invested in Bitcoin around the summer of 2020 but not directly through Bitcoin but through an ISA account that allows a tax-free income. I was interested in a company in particular called Argo who are the miners of Bitcoin. This was my starting point, thanks to listening to Zak Mir of Share talk, who each day lists the penny stocks. I watched a short video that Peter G Wall, the CEO of Argo talk about the working methods of Bitcoin and the mining procedures. I resonated with the no-fuss attitude of the Bitcoin community and the lack of traditional ways of doing things. Once Bitcoin is grasped, it is easy to understand and can’t be manipulated; it says what it is on the tin. You get what you put in, and with conviction, you hold onto your Bitcoin and gain the benefits, a bit like a long-term relationship. It will have its highs and lows but pays off in the end. Bitcoin is volatile as it is alive and kicking and just starting, so like any business or venture, there will be people in it for the short run and to make a quick buck, but there will also be long-term holders that are the believers.
Bitcoin, as it grows, will offer so much more for investors. A garden of possibilities with loans and mortgages provided through the Bitcoin community, although at the moment, mainstream shops are not using Bitcoin, it will, as it blossoms, touch every individual at some level. As countries grasp Bitcoin, they will understand that it could be their savior out of debt; some governments are already investing in Bitcoin, as are the politicians privately. As more and more people buy Bitcoin, the stronger and more valuable it becomes and is trusted. It is a way out of debt for many people, and if you hold onto Bitcoin, it can only rise in price and opportunities.
Governments can transparently trade in bitcoin and offer the hope and possibility of transforming the banking system. Satoshi knew this when he developed Bitcoin. He pursued the idea because he saw it changing the world, offering everyone a chance to earn money and then, if wished, to store it privately and safely. I am sure he never foresaw Covid, but he did see the future of fiat currently dissolving, encouraging corruption and bad leadership.
Like a tree, it starts as a seed and grows roots in fertile soil, which in the Bitcoin community were the cyberpunks who had hope and believed in the internet and the future it held. Although all ideas are organic, some had the minds to understand where the internet would lead, and a currency simultaneously would grow as computers’ users grew. It was evident that another form of digital money would become mainstream. As the early ‘believers’ in Bitcoin held their coins, it started to grow branches. As social media grew, Bitcoin holders began to get noticed, and the internet quickly spread the word.
Bitcoin, as some of the experts say, is only owned by 1% of the world and still has a long journey ahead. Elon Musk has undoubtedly helped the share price, and I am not investing in Bitcoin for financial gain alone but also as someone who wants to help change the world to become more transparent, and perhaps one day to see more chances for everyone.