The perspective of Bitcoin as an investment asset is reinforced 14 years after the first Pizza Day – DiarioBitcoin

Next, the team Bitso presents some reflections on Bitcoin 14 years since the first Pizza Day, especially developing the idea that the digital currency has established itself as an investment / reserve asset.

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• This May 22 marks 14 years since the first Bitcoin Pizza Day
• The team of Bitso presents a brief analysis of the use of Bitcoin today
• They defend that today, the digital currency is more under the investment / reserve asset narrative
• Certain events have contributed to strengthening the price of Bitcoin, especially the arrival of the ETFs
• Bitcoin has shown and continues to show indicators of future growth

As many may already know, every May 22 the iconic Bitcoin Pizza Dayan allegorical event for the community of the main digital currency in which the first purchase made for an item in the physical world is celebrated, being exactly two pizzas for which about 10,000 were paid BTC.

Given that this May 22 marks the 14th anniversary of that iconic event, the team of Bitso Below are some reflections on how the perspective and use of the main digital currency has changed today.

A Bitcoin considered a store of value

In this regard, the crypto specialist in Bitso, Daniel González assures that the purchase of those two pizzas for 10,000 BTC 14 years ago it reaffirmed the commercial value of the main digital currency, just at a time when exchanges or other projects did not exist. Blockchain Similar. This event set the tone for the growth of Bitcoin as a means to acquire products and services, but also paved the way to consider it a reserve/investment asset.

In this regard, González wrote:

In the short term we cannot predict the behavior of bitcoin, but in the long term it has proven to be an asset that tends to rise, which has boosted investment by people and companies in this cryptocurrency, maintaining demand and increasing its price. This year several historical bitcoin records have been broken, and taking into account the history of recent halvingsits value is likely to continue to increase.

Valuing the growth of Bitcoin After each Pizza Day, González presents an interesting fact. If a person had invested around USD $1,000 on May 22, 2023, for this new anniversary they would have the equivalent of USD $2,400, which translates into a year-on-year increase of 140%.

According to data from Wicked, cited by Bitso, Around 13.5 million bitcoins have been stored in wallets without registering activity during the last year. It is believed that the owners of these assets refuse to sell them because they are waiting for a new bull run, which will significantly multiply their capital with respect to the entry prices.

Bullish outlook after recent events

Although the digital currency has operational characteristics that reinforce its value proposition, for González certain external events are especially important, one of the most important being the approval of the ETFs. Bitcoin in cash at the beginning of the year. This fact made the digital currency the first of its kind to enter the main currency markets. wall street, this through a highly regulated product in accordance with North American regulatory provisions.

The arrival of ETFs Bitcoin spot took place months before the digital currency network registered a new halving, an event that in itself usually drives an increase in the price of said asset in the following months.

Weeks before this last halving, the price of Bitcoin set new all-time highs. By March 11, 2024, the main digital currency managed to reach over USD $72,700 per unit, leaving behind the USD $69,000 mark previously set in 2021.

Although at the time of editing we have a Bitcoin At USD $67,130 per unit, the prospects are quite interesting in the future. The arrival of ETFs in the US further legitimized the digital currency, and similar funds have since emerged in other nations to take advantage of that momentum, as is the case with the Hong Kong market, which recently approved a few.

For now, it only remains to be seen how the price of Bitcoin in the coming months.

With information from Bitso

Picture of Unsplash, edited with Canva

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.