The year 2008 was a critical turning point in the history of finance.
Bankers and average individuals recall it with dread, as seen by the decline of the American people’s confidence in financial institutions. For it was in 2008 that the Lehman Brothers went bankrupt.
Technologists, on the other hand, remember it fondly as the year that cryptocurrency was born.
At the time, the publication of Satoshi Nakamoto’s Bitcoin white paper made little impact on the financial sector. According to Fortunly, cryptomania started only when Ethereum, the second public blockchain, began functioning as a crowdfunding platform for initial coin offerings.
In 2017, the value of Bitcoin exploded. The trailblazing digital coin’s price soared by 2,000 percent. From costing just $700 in January, it was being traded for $19,600 in December.
But just when most investors were busy speculating, the Bitcoin bubble popped the following year. In the aftermath of the crypto winter, 85% of the cryptocurrency market was gone. After historically peaking at nearly $20,000, the price of Bitcoin spiraled downward to $3,125.
The investing experience was traumatic for the global cryptocurrency community of 35 million. But the Bitcoin bubble was just a bend in the road. And crypto enthusiasts made the turn right on time.
The crypto world has been recovering well from this major setback. In June 2019, the tally of worldwide Bitcoin ATMs reached 5,000 for the first time. They are currently in more or less 90 countries, and the United States is home to more than 50% of them.
Blockchain has become a force to be reckoned with. The immutable, decentralized ledger has stepped out of the shadow of cryptocurrency and turned into an industry of its own.
The first chapters of crypto’s book were a roller coaster, but we are far from the climax. Judging by the potential of blockchain, we may see more ups than downs over the next decade.
Check out the infographic below to learn more about the thrilling first 10 years of the crypto age!