Bitcoin is set to celebrate its 10th birthday this week, with 31 October marking 10 years since the publication of a paper describing an “electronic cash system.”
Since that time, the price of Bitcoin has yo-yoed from almost $20,000 to less than a cent. So what does the next decade hold for the price of the world’s first cryptocurrency?
The Independent spoke to cryptocurrency experts and analysts to hear their predictions for the coming weeks, months and years.
$20 trillion market by 2028
Since Bitcoin‘s inception nearly a decade ago, more than 3,000 other cryptocurrencies have emerged. Of these, only a handful have actually managed to have any significant impact, and none have managed to reach the same heights as Bitcoin. But some analysts believe this is about to change.
Nigel Green, founder and CEO of UK-based financial consultancy firm deVere Group, forecasts Bitcoin will soon face strong competition within a booming cryptocurrency industry.
“Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever. It all began with Bitcoin,” he said.
“However, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”
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1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009
On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’
2/8 Bitcoin is used as a currency for the first time
3/8 Silk Road opens for business
Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for Bitcoin
4/8 The first Bitcoin ATM appears
On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver,…