World’s largest cryptocurrency Bitcoin is at a record high, know the mysterious things related to it
Recently, the price of Bitcoin reached a record high of $69,000. The reason for this is that the US Securities and Exchange Commission (SEC) approved the Bitcoin ETF. After this, people’s confidence in investing in Bitcoin has increased. According to the AFP report, there are many mysteries about the world’s largest cryptocurrency and it has also been in a lot of controversies. Here we are going to tell you about this in detail.
Who started bitcoin?
The most mysterious thing about Bitcoin is that even after more than 15 years, no one has been able to tell the name of its founder. The whitepaper of this cryptocurrency was introduced on 31 October 2008, which was released by Satoshi Nakamoto. It is said that Satoshi Nakamoto laid the foundation of this virtual money. Its principle is “a pure peer-to-peer version of electronic cash (which) will allow online payments to be sent directly from one party to another without going through any financial institution.” And it will be free from the control of central banks, which are traditionally the only institution that can create money. But is Satoshi the real name of one person or a team of people? Many claims have surfaced regarding this in the last few years but the mystery still remains.
Accused of being the currency of choice on the dark web
Australian entrepreneur and computer technician Craig Wright has claimed to have written the whitepaper since 2016. A trial is ongoing in London to determine whether he is telling the truth. Since its release, Bitcoin has been accused of being the currency of choice on the dark web for illegal payments that are untraceable. It is notably the currency that hackers typically demand payment with during ransomware attacks.
Reason for big drop in bitcoin
The cryptocurrency world has also been rocked by high-profile bankruptcies and the sudden emergence of several star entrepreneurs in recent years. Changpeng Zhao, the head of the world’s largest cryptocurrency platform, Binance, has pleaded guilty to violating anti-money laundering laws in the US. At the same time, his main rival FTX went bankrupt in late 2023 and its founder Sam Bankman Fried was found guilty of several counts including fraud, conspiracy and money laundering.
Bitcoin is trying to win the trust of investors and regulators
Bitcoin has gained some trust in recent years. US financial regulators approved a bitcoin “ETF” or exchange traded fund in early January, which allows bitcoin investors to indirectly invest in the cryptocurrency without having to hold it. This decision was the main reason for bitcoin’s price surge, which led to a new record high on Tuesday.
El Salvador becomes the first country to make bitcoin a legal tender
In September 2021, El Salvador became the first country to accept bitcoin as legal tender. But the crypto money has not won over the country’s population. According to a study by the University of Central America (UCA), 88 percent of Salvadorans in 2023 had never used it. Some merchants have said they would accept it as a means of payment, including billionaire Elon Musk, who announced in 2021 that he would sell Tesla cars using bitcoin. However, before changing his mind, he argued that its production was too polluting and he would only accept it if it was less polluting.