Despite the well-publicized selloff of Bitcoin in recent weeks, it’s still the largest cryptocurrency in the world by market capitalization, and for good reason. It’s the original digital currency, created in 2009 by an unknown person (or persons) under the pseudonym Satoshi Nakamoto. While we know almost nothing about Nakamoto, Bitcoin’s meteoric rise and enduring relevance is no mystery. Given its trajectory, it’s no wonder that Canadians are investing in Bitcoin.
Bitcoin’s history of perseverance since its creation, Bitcoin has weathered countless drops and has even been declared “dead” more than 200 times. Nevertheless, the granddaddy of crypto soldiers on, and many prominent voices believe that its value will continue to rise. In the midst of the recent sell-off, Ran Neuner, host of CNBC’s Cryptotrader, predicted that a single bitcoin will be worth $50,000 USD by 2019. Kerim Derhalli, founder and CEO of Investment app Invstr, predicted that bitcoins will soon be worth $100,000 each.