So what if you wake up one day and Bitcoin is not there on the cryptocurrency list?
At a time when inflation is high, stocks are laundering at a no-profit zone, and investors unsure about when and how Federal Reserve is going to raise the interest rates, it is reasonable to think of investing in cryptocurrency. But before jumping in, you should know that the cryptocurrency market is also undergoing a serious phase of uncertainty. Even the topmost digital tokens like Bitcoin and Ethereum are down. Since the beginning of 2022, BTC has lost so much value. It has even broken through its long-stood psychological resistance level of US$33,000. So what if you wake up one day and Bitcoin is not there on the cryptocurrency list? Wondering if that could really happen? Yes, it might.
If you are a long-term investor, then you might’ve come across the famous cryptocurrency phrase, “Bitcoin is a bubble!” Not just one or two, many people have called BTC a sham that could deceive people one day. In 2017, Warren Buffett, a well-known billionaire, claimed that Bitcoin has no value. But at some point, you might’ve come to a conclusion that it is a vague claim and nothing like that would happen. Since Bitcoin’s price has made record highs since the 2017 bull run, people are now crazy than ever before to try the digital token. Several companies accept BTC as a payment option while El Salvador has legalized its usage. Despite the growing dominance, there is still fear over Bitcoin’s disappearance. Unfortunately, that could actually happen one day because vanishing is a common thing in the BTC sphere.
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The Departure of Satoshi Nakamoto
Mysterious heroes and their anonymous identity is always a matter of discussion. Satoshi Nakamoto is one such person who is believed to be behind the launch of Bitcoin. Satoshi, who could be a person or a group of people, used the amazing blockchain technology to unleash BTC as the first cryptocurrency in the market.
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But after the successful launch of the open-source software, he disappeared in thin air. On April 23, 2011, he sent a farewell email to a fellow Bitcoin developer with a note, “I’ve moved on to other things.” He also added that “Bitcoin is in good hands.” This was the last time Satoshi’s presence was felt. Although many people are suspected to be ‘the father of Bitcoin’, the fact about Satoshi is still behind the walls.
Is Bitcoin’s Volatility Fading Away?
Even though Bitcoin’s volatility is seen as a scary thing, it is the sole trigger behind the BTC price rallies so far. The uncertainty stems from its unclear future as a digital token. When short-term price fluctuations from the past are brought into the scanner, it is highly concerning because even 10% swings look very common. BTC’s ability to yield good profits and sprout Bitcoin millionaires is a major factor behind its growth.
Stepping into 2022, the level of volatility that kept Bitcoin running seems to be slowly disappearing. According to a recent study, Bitcoin return fluctuations are seen to be lower than those of roughly 900 different stocks in the S&P1500 and 190 stocks in the S&P500. The paper provides evidence that the high volatility of BTC is largely a misconception and recently, it is less volatile than commodities such as oil and solver, US treasuries, AAA-rated corporate bonds, EU carbon credits, and some of the most popular tech and media stocks. On the other hand, altcoin are already stepping over the growth percentage of Bitcoin in 2021 and the void is expected to grow in the coming years.
El Salvador’s ‘Missing Bitcoin’ Case
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El Salvador became the first country in the world to legalize Bitcoin usage and trading. The Prime Minister of the country was also enthusiastic about opening a Bitcoin city to boost El Salvador’s economic status. But things are going wrong since the country started facing cryptocurrency-related issues. Citizens have come out and complained about fraudulent transactions in their government-issued Chivo wallets. They claimed that the Bitcoin in their Chivo wallets have gone missing mysteriously.
Africrypt Founders Vanished with US$3.6 Billion Worth Bitcoin
The co-founders of the Africrypt platform, Ameer and Raees Cajee, the two brothers behind the development of the channel, have gone missing in June 2021, taking US$3.6 billion worth of Bitcoin with them. A total of 69,000 BTC tokens have vanished along with them.
A Big Share of Bitcoin’s are Lost and Unrecoverable
According to a study, over 20% of all existing Bitcoin tokens are lost and can’t be recovered. An analysis by the Wall Street Journal claims that these BTC tokens are misplaced by users and can’t be brought back into circulation. The reason is that the underlying blockchain technology is structured to emphasize security and privacy, therefore, it doesn’t entertain any kind of accidents.
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