Wikipedia has up-to-date information on the current state of bitcoin: https://en.wikipedia.org/wiki/Bitcoin
Adoption
Bitcoin as an asset
Bitcoin has been adopted as a store-of-value, as the digital gold, and has far outperformed every other asset class in the last decade.
Bitcoin as payment system
The title of the original white paper by Satoshi Nakamoto reads: “Bitcoin: A Peer-to-Peer Electronic Cash System“. Thus far, Bitcoin is mainly used as a store-of-value. But the Lightning Network is bringing the cash system alive. The country of El Salvador uses it since 2021.
Price
The current price of Bitcoin is still suppressed by factors such as:
- Uncertainty and fear spread by regulators.
- Media reporting predominantly negative about crypto and Bitcoin.
- High volatility, which means high risk.
- Barriers to entry, such as banks limiting and blocking transfers, in the name of “protecting the people”.
- Boomer influencers including Warren Buffet, Charlie Munger, and Bill Gates speaking against crypto “it has no use”.
A historically accurate indicator to know where we stand in terms of price is the rainbow chart, logarithmic scale:
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