| BTC uptime since 2014: 100%! |
Triumphant Return!
Down, but once again not out, Bitcoin has shaken off the shadows of the 2022 crypto winter. And then some. This most recent period has been nothing short of exhilarating. From 2023 felt like a breath of fresh air. Confidence in Bitcoin surged anew, supported by an influx of institutional investors and a string of favourable global events. And it wwas heartening to see the Monetary Authority of Singapore introducing comprehensive guidelines that balanced investor protection with innovation, providing a stable ground for the Bitcoin market to flourish.
Additionally, I've noticed an increasing number of businesses embracing Bitcoin. From quaint cafes to upscale restaurants, the acceptance of Bitcoin as a payment method has become more prevalent, a testament to its growing integration into everyday life. What's more, the increasing number of exchanges granted the coveted permit in Singapore has made it even easier to convert fiat into Bitcoin and other crypto, seamlessly bridging the gap between traditional and digital currencies.
Bitcoin & Institutions
The year also brought about significant advancements in how traditional financial services interact with Bitcoin. Singaporean banks have begun offering Bitcoin-related services, providing custodial solutions and investment products tailored for affluent clients. This not only enhances security but also legitimizes Bitcoin as a credible investment asset. The approval by the US SEC of Bitcoin spot ETFs was another game-changer. These ETFs opened the doors for a broader spectrum of investors to get involved without the complexities of handling the cryptocurrency directly. The overwhelming success of these ETFs reaffirmed Bitcoin's status and attracted even more institutional interest, driving up market stability.
One of the most thrilling current developments has been the Ethereum ETFs. The imminent approval of these funds is expected to mirror the success of Bitcoin ETFs, though on a more modest scale of course, bringing additional liquidity and stability to the cryptocurrency market. Ethereum's smart contract capabilities complement Bitcoin, and this synergy is set to further propel the crypto market forward.
Lightning Strikes
Technological strides, particularly the implementation of the Lightning Network, have significantly enhanced Bitcoin's scalability. Transaction fees are lower, and transactions are, in fact, becoming faster, making Bitcoin more practical for everyday payment traffic. Continuous improvements in blockchain technology keep enhancing security and efficiency, which is reassuring for all of those who have a stake in Bitcoin's future.
Of course, Bitcoin also experienced its most recent halving event this year, a critical milestone that occurs approximately every four years. This time around, the halving reduced the reward for mining new Bitcoin blocks from 6.25 BTC to 3.125 BTC, effectively reducing the rate at which new Bitcoin is introduced into the market by 50%. The halving is designed to ensure Bitcoin's extremely low inflation rate (read: scarcity), mimicking the supply constraints of precious metals like gold. True enough, since the halving, Bitcoin has reached a new ATH, after which it transitioned into consolidated mode. Let's see if there's more to be had in the months to come.
Another noteworthy development has been the diminishing influence of self-proclaimed Bitcoin inventor, Craig Wright. Known for his controversial claims of drawing up the Bitcoin White Paper, Wright's attempts to shape the narrative around Bitcoin seem to have been largely dismantled, not just by the Bitcoin community at large, but by legal process. His numerous battles with Bitcoin luminaries and the persistent skepticism surrounding his claims appear to have relegated him to the background of the Bitcoin discourse, at least for now. This shift has allowed the focus to return to Bitcoin's innovation and growth rather than distractions.
TOKEN2049 Singapore
Meanwhile, educational initiatives continue to play a pivotal role in demystifying Bitcoin too. Through various seminars, workshops, and online resources, a greater understanding of Bitcoin is being fostered among the public. Case in point: TOKEN2049 Singapore! All of this sharing of know-how not only increases awareness further still, but also helps dispell the many myths surrounding Bitcoin, encouraging more people to explore its potential as both an investment and a medium of exchange.
Above all, slowly but surely, Singapore's role as Asian Crypto Hub appears to be gaining more and more traction!
Reflecting on this most recent period, it's evident that Bitcoin's trajectory is one of resilience and growth. Despite the hurdles, despite the sceptics, and despite the ever-expanding obituary list, Bitcoin continues to prove its mettle time and time again. The developments of the past year or so have fortified its position in Singapore's financial ecosystem. With further regulatory clarity, technological advancements, and growing public awareness, Bitcoin is poised to soar even higher. For enthusiasts in Singapore, this journey has been nothing short of exciting, promising a future where Bitcoin is inescapable.
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Disclaimer
I wrote the above article myself and it expresses my own personal opinions and views on Bitcoin. I am unable to guarantee that the information and/or results will be correct. Furthermore, whilst I own some cryptocurrencies, I do not receive compensation for my writing and I have no business relationship with any of the companies mentioned in above article. In addition, I am not an investment advisor and above article is for purely informational purposes. Investors are advised to personally undertake adequate due diligence, or to consult a financial advisor in order to determine what assets - if any - are appropriate to invest in.
Bryan
Bryan, a Singapore PR, has spent two separate stints in Singapore, spanning close to two decades. As is the case for most non-techies, although Bryan's first exposure to Bitcoin was around 2010, it wasn't love at first sight. However, Bitcoin's impressive resilience, meteoric rise and world-changing potential have converted Bryan, to the extent that he has now pivoted to fully commit to Bitcoin.
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