Thirteen years have passed since Bitcoin was first introduced to the world, in January 2009.
When I first heard about Bitcoin, back in 2010, I felt an almost instantaneous strong connection to its very concept. I soon realized that this could potentially be the beginning of a massive transformation, similar in its magnitude to the mid 90s Internet revolution.
The timing was almost inevitable, as during the 2008 financial crisis, the stability, strength and mere existence of some of the world’s leading financial establishments faced uncertainty. The social possibilities and impact were dramatic.
Bitcoin has come a long way since January 2009. In recent years, its adoption has accelerated and Bitcoin has gone mainstream, with increased adoption of cryptoassets by financial institutions and corporations. Well-established, leading financial giants which expressed negative views about Bitcoin not so long ago, are talking and acting differently today. Global legislators are introducing new crypto regulations, both local and regional — and this has tremendous importance and impact on the cryptoasset industry.
Bitcoin is now officially a teenager and its coming of age journey marks the expansion of a new, exciting technological era. Like any adolescent, Bitcoin is still in transition, and experiencing some growing pains.
2021 was an important year for both Bitcoin and the entire crypto realm, which have significantly matured in recent years. The total cryptoassets market has doubled in value in 2021, and is now estimated at more than $2 trillion. It still has a long way to go and grow. We at eToro see great importance in Bitcoin and believe it will continue to lead the crypto arena in the foreseeable future.
One of the most important influences of Bitcoin is igniting the critical discussion of the concept of money. Today, as more people than before understand the inflationary value of fiat money and hyperinflation, the discussion has become more relevant than ever. Can money be reinvented?
Bitcoin’s 13th birthday is celebrated this month around the world, with Bitcoin Bar Mitzvah parties being held in Tel Aviv. According to Jewish tradition, when a boy turns 13, a special ceremony called a Bar Mitzvah is held, to celebrate his path to adulthood. (A similar ceremony is held for girls at age 12.)
Thirteen was an important age for me, in my personal coming of age journey, as this was the time when I began investing in global markets. For my Bar Mitzvah, my father gave me my first stocks. He had taught me all he knew about investing. I was lucky to have him as a mentor, and I was able to profit from my investments from a young age. I quickly realized, though, that most people do not have the same access to global markets and to investment knowledge and I wanted that to change. I believed, as I still do, that global markets should be available and accessible for everyone, to trade and invest in a simple way, and this became the vision behind the founding of eToro. Today, eToro’s vision has become a reality for many retail investors and continues to guide our way. We have all come a very long way.
In 2012, I co-wrote ‘Colored Coins’, a whitepaper describing the concept of special properties, “colored Bitcoins” that can be used for alternative currencies, commodity certificates, smart property, and other financial instruments such as stocks and bonds. Colored Coins inspired and led the way for many of the crypto-space initiatives, including NFTs. Today, 10 years later, we are witnessing the largest transfer of wealth in human history. It is a generational, geographical and technological transfer of wealth. We are diving into the NFT space, working with creators and building tools for more people to have their first NFT. Stay tuned for more about this in my next blog.
I cannot wait to see how the coming years will unfold and I am excited about the innovative concepts and opportunities that await us all.
Happy 13th Birthday to Bitcoin and the entire crypto community!
Yoni
Yoni Assia is eToro Co-Founder and CEO
This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking any particular recipient’s investment objectives or financial situation into account, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilising publicly available information.