We say it’s “Bullish” and banks hate it, but Bank of China has released an Infographic about Bitcoin evolution on their site, making Bitcoin “Bullish”. At the time of writing this article, Bitcoin is being traded at 9428 USD. The Bank of China has given information about how Bitcoin works and why it is so valuable.
Journey From Bitcoin to Libra Coin:
In the infographic released by Bank of China, they have given the information starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.
This infographic is receiving a positive response from the Crypto community. “Yesterday, the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”
Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. 😅 #Bullish pic.twitter.com/GKzj7XJjJa
— Samson Mow (@Excellion) July 27, 2019
Earlier this month we got reports that China’s Central bank is developing its own cryptocurrency in the response of Facebook’s Libra coin as they are afraid if Libra can damage China’s financial system.
Why and How Bitcoin is so Valuable:
In the later part of the Infographic, Bank of China has given the information about how Bitcoin is so valuable today. and it cites limited supply, increased mining difficulty, and that it is used as a medium of exchange and anti-inflation safe haven.
Furthermore, the infographic does also mention the Mt. Gox hack, the risk of speculation, and stories of lost funds. According to the image, Bitcoin’s main use case is international settlements since its fees are low compared to the legacy system while transactions are faster.
However, we do agree with the Bank of China, why and how Bitcoin is going to rule the financial world, the coming time will tell us.
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