Governments and banks once mocked Bitcoin. Now they want in on it
Al Jazeera
After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher.
Bitcoin has proven to be one of the best-performing assets in modern history.
The value of the cryptocurrency has increased some 1,000 times over the past decade, far outpacing US stocks and real estate.
Buoyed by United States President-elect Donald Trump’s crypto-friendly stance, Bitcoin’s record rally hit a new high of $107,000 on Monday after the Republican reiterated his intention to create a Bitcoin strategic reserve.
Bitcoin, the first decentralised digital currency, was invented by the pseudonymous figure Satoshi Nakamoto in the wake of the 2007-2008 global financial crisis.
Nakamoto introduced the blockchain system – a digital ledger that stores transactions in a network of computers – to enable anyone to make financial transactions without the involvement of banks, financial firms or governments.
