Can Bitcoin Become a Mainstream Asset With Trump's Backing? | Vantage with Palki Sharma

[Music] [Music] us corers thank you very much hello it's good to be with you [Music] it was May 22nd 2010 a Florida man was looking to buy some pizza specifically two large pizzas so he went on a Bitcoin talk forum and made an offer 10,000 Bitcoins in exchange for two pizzas a British man took him up on the offer he delivered the two pizzas and he got 10,000 Bitcoins in return at that point it did seem did not seem like a lot of money 10,000 Bitcoins were worth only $41 so it was a fair de

but today it would have been a couple of multi-billion dollar pizzas because look at Bitcoin it has stopped $100,000 for the first time ever today one Bitcoin is worth $103,000 $13,000 it's a record high for the world's most popular cryptocurrency and a day many thought would never come so how did Bitcoin reach here what fueled this rise and what does it mean for the future of crypto should you buy it this Story begins in 2008 the year of the global financial crisis dist trust was growing in traditional Finance systems amid all of this came a

nine-page white paper about a payment system called Bitcoin it was published by an Anon Anonymous person going by the name Satoshi Nakamoto the idea was to create a decentralized digital currency what does that mean what is a decentralized digital currency the transaction would happen digitally directly from user to user there will be no middleman no banks no governments the first Bitcoin was launched in the year 2009 it was created by by a process called mining each Bitcoin is basically a digital file it is stored in your digital wallet you can spend it from your wallet

you can even send it to other people every single transaction is recorded it's on a public list called the blockchain that means you can trace it back now in the beginning Bitcoin was the the realm of tech enthusiasts one Bitcoin was worth mere sents so they they bought it in bulk like Britain's James howls he had over $700 million in Bitcoin stored on a hard drive a sum he had accumulated over the years he could have minted Millions except his partner threw the bag in which this drive was kept she discarded it in a rubbish

dump how tried to get it back but he could not his fortune literally went in the dumps Bitcoin itself had a better trajectory though there were some highs in 2021 but then came a drastic slump 2022 and 2023 were bad years for Bitcoin in November 2022 one Bitcoin was equal to just $16,000 and that's because of FTX one of the largest crypto exchanges in the world FTX collapsed in 2022 its founder Sam bankman fried was arrested he was found guilty of Fraud and that impacted bitcoin's popularity but this has been a good year so far

2024 on the 1st of January this year Bitcoin was worth $43,000 today it is worth $103,000 that's a rise of over 130% most of it was fueled by just one election Donald Trump won the White House and he promised a pro crypto approach he has vowed to make the US the crypto capital of the world yesterday Trump made an announcement Paul Atkins was his pick to lead the SEC the Securities and Exchange Commission it is the US market regulator Atkins will lead it he's Pro crypto he does not support regulations for the asset and that

has sent Bitcoin surging it crossed the $100,000 Mark if crypto is going to define the future I want to be mined minted and made in the USA it's going to be it's not going to be made anywhere else and if Bitcoin is going to the Moon as we say it's going to the moon I want America to be the nation that leads the way and that's what's going to happen there were watch parties and celebrations across the globe and this rally raises a question is Bitcoin a mainstream asset now countries are embracing it like never

before El Salvador has made Bitcoin legal tender Dubai has created cryptoeconomic zones Japan has recognized it as legitimate property so there is exciting ment but excitement alone cannot change the rules right now there are two big problems here number one is regulation how do you control something that was designed to be uncontrollable it's a problem that governments worldwide are facing some have banned crypto outright like China and Saudi Arabia others are trying to find a middle path like a Bitcoin ETF ETF stands for exchange traded funds it's like owning a Bitcoin but through a surrogate

plus it is traded on on traditional exchanges so that minimizes the risk I think most governments uh Now understand that adoption regardless it's better to regulate the industry instead of trying to fight against it the second problem is volatility Bitcoin may be $103,000 today but tomorrow it can crash it can be back to $110,000 or 12,000 and there's nothing you can do to prevent it you can say this for any stock but cryptocurrency is especially volatile it it is heavily influenced by speculative trading and given to Sharp price swings which is never good and this

brings us to the biggest question should you buy it well if you're in India do know that crypto is not legal tender here plus it is taxed 30% on all profits that is a tax also as things stand today Bitcoin operates more like the wild west of Finance full of opportunities yet also fraught with risks so the missing piece in this puzzle is glob Global regulation without which Bitcoin will struggle to become mainstream yes Trump has created a favorable environment but even as the president of the Mighty United States of America he cannot single-handedly rewrite

the global the rules of global finance that would require Global political will a coordinated system spanning Nations until then bitcoin's future remains uncertain for