Welcome to another Market Musings, spooky szn edition.
Sixteen years ago, to the day, one of the most innovative and influential papers in the 21st century was published and began to permeate the zeitgeist. I am of course talking about Satoshi Nakamoto’s whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System. What started as an exchange of ideas in a niche cypher-punk internet mailing list has morphed into an asset colloquially known as ‘digital gold’, a hedge against global fiat debasement and fiscal irresponsibility from government. It is a bit poetic when we consider the timing of Bitcoin’s whitepaper anniversary and how close BTC has come to printing new all time highs.
These ideas have helped spawn an entirely new industry and asset class with a combined market cap of over $2 Trillion. When was the last time a new asset class was created? I’ll wait. It is hard to overemphasize just how important these ideas are, and I subscribe to the notion that “Bitcoin, like any other scientific and technological “invention,” was discovered and not really invented."
At the time of writing, BTC finds itself trading around $71K-$72K, and on the precipice of new highs. It’s truly amazing to think about how far we’ve come. But you're here for what comes next.
