Popular business publication Fortune rededicates its cover to the greatest innovation of all time: Bitcoin.
In its current edition, Fortune returns to focus on the popularity and growth of Bitcoin (BTC) and in all that concerns the frenzy caused by the digital industry. from the popular cryptocurrency to the coveted tokens NFTgoing by blockchain and decentralized finance (DeFi), Fortune devoted its cover and much of its current August-September issue to the world of cryptocurrencies and digital assets.
with the title “Crypto vs. Wall Street”, Fortune’s edition is filled with various articles that want to explain how cryptocurrencies and decentralized finance protocols began to take over the financial system, leaving aside the exaggerated “mania” that was seen in its first years of development. With “mania”, Fortune refers to the exaggerated euphoria that cryptocurrencies aroused in users, for example, with the launch of Initial Coin Offerings (ICO).
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Revolution for Wall Street and the financial system
For the publication, cryptocurrencies and digital assets have been advancing and consolidating their position over time. The arrival of major institutional investors and the world’s big banks is proof of this. Not only the valuation of the crypto market increased, but also its digital infrastructure and user population. In fact, the company Crypto.com revealed that for the month of June the population of cryptocurrencies exceeded 220 million users globallyas Bit2Me News recently reported.
On the other hand, Fortune points out that although the growth of cryptocurrencies has not occurred in a straight line, as with any revolution, these digital assets and the so-called decentralized finances are taking over Wall Street and could disrupt the financial system, similarly as what open source software did in the tech world at large, he explained.
Likewise, Fortune highlights that crypto assets have become the fastest, cheapest and most transparent and accessible way to carry out transactions and shipments of value around the world, so the need for outsourced financial services could become redundant. in the future.
A look into Bitcoin’s past
When the magazine first talked about Bitcoin, in 2013, highlighted the interest and positive perception that the American businessman, investor, blogger and writer Ben Horowitz, co-founder of the venture capital firm Andreessen Horowitz, showed about Bitcoin. Then, in 2014, Fortune referred to cryptocurrency as more than just digital currency. At that time, the magazine described to Bitcoin as a system and protocol that was motivating developers, programmers, and even companies to build a new class of more effective and efficient financial services.
“These new services are based on the same innovative distributed security and ledger proof-of-work model that has kept the bitcoin currency safe as its value soared well beyond $10 billion.”wrote the magazine in 2014.
The possibility of using the underlying technology of Bitcoin, the blockchain, in the issuance of loans and share tokens and even in the preparation of rental and purchase contracts, is also something that Fortune highlighted, pointing out the infinite potential of this innovation. technology, which was awakening at that time. Now, with DeFi, all this potential begins to manifest itself in all its splendor.
DeFi and NFTs in Fortune
The publication devoted several articles to decentralized finance and the digital innovation of NFTs, which are leading to a fully tokenized and digital world.
Regarding DeFi, Fortune mentions that these protocols are permeating everyone’s digital lives, leading to new frontiers in the financial world. Robert Hackett, Fortune tech writer and editor, wrote that DeFi “wants to change the way the world borrows, lends, and saves.”
Regarding NFTs, the magazine wrote the interview with CryptoKitties and NBA Top Shot founder Roham Gharegozlou banking on the proliferation and development of these tokens as a way to end the data monopolies that drive the success of Facebook, Amazon, Alphabet and Apple. Fortune also described a ready with the most influential personalities in the NFT world, with Bepple, the CryptoPunks, Mark Cuban and Roham Gharegozlou at the forefront of this innovation.
Growth of more than 1,300%
Fortune mentioned Bitcoin again in 2017, when the price of the cryptocurrency exceeded $3,000 per unit. However, much has happened in the last 4 years. Currently, Bitcoin is trading with a unit value of $40,700. By mid-April, the price of this cryptocurrency broke through its maximum ceiling, reaching $64,800 per unit.
The total capitalization of cryptocurrencies has also seen quite a significant increase in the last 4 years. By 2017, the magazine highlighted that the crypto market had a total valuation of $135 billion; while, at press time, the entire crypto market exceeds $1.59 trillion.
Something that has not changed in the last 4 years is that bitcoin continues to be the leading cryptocurrency in the entire industry.
Continue reading: Bitcoin increases in value and approaches $40,000 again