Then, reality hit. The trough of disillusionment. Startups pivoted and failed.
These were my formative years in the Bitcoin industry. I never stopped believing that the world envisioned by the technologists of the day was possible, but sky-high price projections felt far away. Bitcoin was embroiled in a civil war, there was a fight over what the infrastructure of blockchains would be and banks were even offering private versions of the technology.
Suffice to say, if you had asked me then to imagine what the world would be like when Bitcoin hit $100,000, I would have likely had the following answer – Bitcoin would be understood and accepted, the scientific experiment of the industry’s early days would be over, and its technology would be accepted and mainstream.
I was sure it would be a far cry from what things were like when I started – with Bitcoin users having to wire money through strange Russian payment intermediaries to transact (or else needing to buy it, in person, from strangers on the street).
While that part certainly has changed, I would have been wrong about rest.
Today, that just makes me even more optimistic about Bitcoin’s future price appreciation.
Going mainstream
Of course, I’m willing to admit the obvious. In 2025, Bitcoin is mainstream. The President of the United States doesn’t just own it, it’s a major part of his policy platform. Major pop stars like Drake don’t just trade it, their rap nemeses name-check it on their diss tracks.
Yet there’s still widespread confusion about both what Bitcoin is and how future financial infrastructure will look as a result of its proliferation. Already, it’s a fact that the new administration has had to confront with its policies.
As the debate around the U.S. Digital Asset Market Structure bill shows, there isn’t yet consensus on what cryptoassets are, even within the industry. Some (like me) see Bitcoin as a differentiated digital gold, one that will likely scale to be the world’s settlement network. Others see cryptocurrencies as an asset class, competing monies with different properties.
Sure, many Americans own Bitcoin or other cryptocurrencies, but they aren’t using crypto for everyday financial transactions. For most it’s a long-term savings or speculative vehicle, one that’s only a small part of their financial planning. Polls show they’re open to alternatives to traditional finance, but that they don’t quite take digital assets – even bitcoin – seriously.
Even those who invest in it don’t understand it, according to polls.
Certainly this disconnect makes for a thriving market. Every day now there are thousands of digital assets being launched, and Coinmarketcap already tracks 15.1 million of them. But are these really just memes?
The Bitcoin movement started out with the intent to revolutionize finance. Many of the builders I know are still working on the effort.
Doubtless, eventually the market will have to have a clear and widespread agreement on the difference between Bitcoin and other cryptocurrencies. There may have been a time when there were hundreds of internet competitors, and businesses may have had to question whether to build a website on AOL or EarthLink. Today, I doubt you’re reading this article on either.
The case for $1,000,000 Bitcoin
Unfortunately, those who have entered the industry of late may have a similar reaction as I had in 2013, hearing the sky-high projections for Bitcoin’s price and assuming they missed the boat.
If you’re one of these newcomers, I’d ask you to take a step back. Has Bitcoin reached its full potential? Sixteen years after its launch, Bitcoin remains a unique entry on the global monetary scene – if you look at a list of the world’s top currencies, it’s the only one that’s:
Not issued by a corporation or government
Has a finite money supply
Has a transparent and auditable monetary policy
Add in the fact that top-level layers like the Lightning Network make it possible for Bitcoin to compete in global payments, and hopefully you get the picture, Bitcoin is money reimagined as a network, one that unshackles money from its current form – databases owned and operated by centralized entities within distinct geographical areas.
Consider the trends – public companies and nation states are buying Bitcoin, as are Wall Street investment firms via vehicles like ETFs.
Then there’s the sheer scale of the computer network that operates Bitcoin – it’s already over 7 times the size of Google and growing. Now imagine the network when all the aforementioned trends reach maturity. Doesn’t sound like we’re quite close to the dream does it?
Slowly, immutably, toward acceptance
What is Bitcoin? Well, today that’s a question that still might make your friend send you a 30-minute documentary. There’s a famous TV clip that summarizes the phenomenon – one from 1994 in which the hosts of “The Today Show” debate the internet . None knew how to describe it.
Today, Bitcoin and cryptocurrencies are an “internet superhighway,” “an internet of money,” the kind of technology that is capable of great things, but limited by our ability to describe it.
My feeling now is that this best sums up what the transition to a Bitcoin and crypto-powered world will be like, this gap closing between the aspiration of language and reality.
By the time Bitcoin is at $1,000,000, no one will need exotic analogies to describe it. If we do, buckle up, because we just might just be headed far higher prices still.
Pete Rizzo is a leading Bitcoin Historian and author of over 2,000 articles on cryptocurrency.
The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any cryptoasset or to engage in any specific trading strategy. Kraken makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. The views and opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of Kraken or its management.
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