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Silicon Valley backing Bitcoin
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Silicon Valley backing Bitcoin

With Bitcoin at an all-time high, it's no surprise to see movers and shakers from Silicon Valley back the cryptocurrency. To add a little perspective to just how much the value of Bitcoin has soared, it's a good idea to take a look at Laszlo Hanyecz. As an early adopter of Bitcoin, Hanyecz mined 10,000 of them in 2010 and, in what was the first ever cryptocurrency transaction, managed to trade them for two pizzas and a couple of sides. With the pizza valued at $30, Hanyecz had managed to trade his Bitcoin at a value of 0.003 cents each. Today his 10,000 Bitcoins would have a value of $58 million. Looking at the positives The soaring value of bitcoin has seen investors in Silicon Valley look at the potential of the cryptocurrency. According to the co-founder of Chain.com Adam Ludwin, bitcoin represents an asset class that's entirely new. Making reference to equities and bonds, Ludwin stated that bitcoin is a version of capitalism that's been distilled.  An uncertain future Despite the positivity surrounding Bitcoin at the moment, there is widespread acknowledgement that the cryptocurrency could go either way in the future. Just how successful bitcoins prove to be is unknown, and with constant movement and invention in the market, it's entirely plausible that Bitcoins could be replaced with a cryptocurrency that's yet to be invented. There are, however, still plenty of people within Silicon Valley who resolutely believe that Bitcoin is here to stay and that it's unstoppable. For those currently looking to invest in Bitcoin, the suggestion is that investors are going to have to be willing to commit to their investment over a long period of time. If they do just that, there's every chance that they could see an impressive return. As with all investments, however, it isn't without risks. For now, though, confidence in Bitcoin is high and showing no signs of slowing down.

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Frankie Crowhurst

The cryptocurrency market is slowly picking up again after a pretty poor performance this year, and is having a positive effect on all crypto coins.

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