According to Iris Energy CEO Dan Roberts, computers and the internet have solved a multi-thousand-year monetary problem facing the world through the creation of bitcoin.
Dan Roberts: Bitcoin is second to none
In an interview, Roberts reiterated that everything could die, but no one could kill Bitcoin. He cited how the property market is not expanding, and the share market is diminishing, but the number of bitcoin mined continues to grow.
Dan believes that in terms of divisibility, scarcity, and other attributes nothing can come first to bitcoin. He also added that technology gave rise to infinite numbers, but now it has created a new and scarce commodity that the world has never seen.
Nothing compares to bitcoin
The Roman Empire resulted in a 99.9% silver Denarius, but it fell after 262 years to 0.1%. The US gold standard started in 1971 with base money that has gone up by only 8.5% per year since its inception.
Bitcoin rose from just one cent to a $300 billion market cap in 13 years. The world has seen bitcoin go up by 50 times higher and retract by about 10 times to 30 times. Some analysts proclaim that bitcoin is dying, but a few days later, it grows exponentially.
Bitcoin rose from just one cent to hit a $300 billion market cap in a span of 13 years. Gold price is incomparable to bitcoin now, although it has been in the market for many years.
At the start of the cryptocurrency era, mining was the only way to get a bitcoin. Every miner winning a block received 50 bitcoin. After four years it halved to 25. Presently, a miner earns 6.25 bitcoin after a successful mine. The halving will continue until when the last bitcoin will be mined.
In the interview, Roberts claimed that when bitcoin hit $50,000, miners needed 30 gigawatts of power to normalize returns. The returns were 500%, but the available infrastructure could not hold to the pace leading to its drop in price. Currently, the returns are at 50 percent to bring equilibrium to the market.
Will the cryptocurrency move past the bearish spell?
Digital assets and cryptocurrency inform the current and future monetary aspects. The year 2022 has thrown heavy debris into the crypto world, but the turbulence has not caused the crumbling down of Bitcoin. Crypto aficionados still value Bitcoin, hoping for a better tomorrow. The world will continue to experience fruits coming from Bitcoin.