As of today, Bitcoin (BTC) is holding steady at $92,000, following a remarkable bull run that saw its price soar from $40,000 in December to its current highs, marking an astonishing year-over-year increase of 171%. These figures feel almost unreal—a throwback to an era of rapid innovation and transformation.
As Bitcoin edges closer to the symbolic $100,000 milestone, it’s a good time to pause for reflection and, perhaps, address some past misconceptions about this revolutionary technology.
Bitcoin: From Ridicule to Mainstream Success
It’s tempting to compile a list of skeptics who once dismissed Bitcoin, mocked it publicly, or only embraced it after its success became undeniable. But doing so would feel petty and unnecessary.
The skepticism surrounding Bitcoin was almost inevitable. As a futuristic technology, it was bound to be misunderstood. The term “cryptocurrency” itself, evoking a sense of “fake money,” did little to inspire confidence among traditionalists.
The concept of an alternative currency untethered from conventional financial systems was always going to challenge the status quo, as history has shown us time and again.
A Historical Perspective: Alternative Currencies
The idea of an alternative currency is far from new. One of the earliest visionaries in this space was the Italian physicist Ettore Majorana. In the early 20th century, Majorana conceptualized a system of social credit, which shared similarities with modern decentralized finance (DeFi) principles.
Majorana envisioned a form of currency that was not tied to material value but functioned as a credit system—allowing individuals to exchange goods and services without relying on traditional banking institutions. Although his ideas were never implemented, they foreshadowed some of the fundamental concepts underpinning cryptocurrencies today.
Other examples of alternative currencies in Italy include:
- Simec, proposed in the 1990s but never realized.
- MiniBots, an idea floated in 2008.
- SCEC and Trieste’s Fiorino, introduced in the 2000s.
Globally, notable examples include:
- M-Pesa, a mobile money transfer service launched in Kenya in 2007, which became a key financial tool across Africa.
- WIR, a Swiss complementary currency that has been in circulation since the 1930s.
Despite their innovation, these systems struggled to achieve widespread success. Bitcoin, however, has defied the odds and become a defining force in the financial landscape.
Bitcoin, Blockchain, and Web3: A New Reality
Even though skepticism toward cryptocurrencies persists, the reality is clear: Bitcoin is no longer a speculative novelty.
Today, Bitcoin’s market capitalization exceeds that of silver and several Big Tech giants, putting it alongside major global commodities like gold. It is now possible to purchase Bitcoin via Spot ETFs and even trade it on major stock exchanges like the Nasdaq.
For instance, Bitcoin's integration into the Nasdaq allows investors to buy and sell the IBIT ETF (managed by BlackRock) during regular trading hours, just like any traditional stock. This level of accessibility underscores Bitcoin’s transformation into a legitimate financial asset.
Far from being a fleeting trend, Bitcoin has cemented its place in the global economy. It’s not disappearing overnight, nor is it the preferred currency of criminals—a misconception often used to discredit it. After all, crime thrived for centuries without Bitcoin’s help.
No More Jokes About Bitcoin
The days of mocking Bitcoin are over—unless one enjoys being proven wrong.
Even humorous jabs, like those made by Italian comedian Fiorello during a 2023 episode of “Viva Rai 2,” feel out of place today. Responding to reports of hackers demanding ransom in Bitcoin, Fiorello quipped:
"Bitcoin? You still believe in that? Tomorrow they’ll be worth 3 euros. My mom uses them at Christmas to cover bingo squares."
While comedy has the license to exaggerate, Fiorello’s remarks reflected public skepticism at the time. Yet, as the cryptocurrency landscape evolves, such jokes now underscore how far Bitcoin has come in gaining mainstream attention.
The Magic of Advanced Technology
As science fiction author Arthur C. Clarke once said, “Any sufficiently advanced technology is indistinguishable from magic.” This sentiment invites us to approach progress with curiosity and an open mind.
What once seemed like “magic”—or an improbable idea—has become a reality, built on decades of innovation and cumulative knowledge. Bitcoin, blockchain, and Web3 are no longer distant possibilities; they are active forces reshaping finance and technology.
So, whether you’re a believer or a skeptic, it’s time to acknowledge Bitcoin’s role in the modern world—a role that promises to grow in significance as we move forward.