The future of Bitcoin: here's what's to come

Fidelity has restarted the approval process for a spot Bitcoin ETF, but has suggested that they are more cautious about interpreting Bitcoin performance

by Lorenzo Ciotti
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The future of Bitcoin: here's what's to come

Fidelity has restarted the approval process for a spot Bitcoin ETF, but has suggested that they are more cautious about interpreting Bitcoin performance. Jurrien Timmer, director of Global Macro at Fidelity, shared an analysis on Bitcoin's recent performance.The relationship between the price of BTC and its adoption curve is a criterion by which Timmer would then consider BTC ahead of where it should be.

According to the analyst, if the price were not justified by the macroeconomic context, caution should therefore be exercised for an asset that would be exclusively riding speculation. Tim Draper instead declared that Bitcoin will reach $250,000 within two years, after a rally triggered by the next halving.

About the Bitcoin

The Bitcoin network allows for the pseudo-anonymous possession and transfer of coins; the data necessary to use one's bitcoins can be saved on one or more personal computers or electronic devices such as smartphones, in the form of a digital wallet, or kept with third parties that perform functions similar to a bank.

The bitcoin wallet has an address identified by an alphanumeric code which has between 25 and 36 characters between numbers and letters; it is the only data to be communicated to receive a payment that will enjoy a certain degree of anonymity, but will be publicly and immutably visible on the blockchain forever.

You must be very careful when transmitting the alphanumeric code as any errors do not allow you to cancel the operation and cause the loss of money. You can receive payments more simply by scanning QR codes. In any case, bitcoins can be transferred across the Internet to anyone with a bitcoin address.

The peer-to-peer structure of the Bitcoin network and the lack of a central body make it impossible for any authority, governmental or otherwise, to block transfers, seize bitcoins without possession of the relevant keys or devalue due to the entry of new currency.

Bitcoins contain their owner's public key. When user A transfers coins to user B, he renounces his ownership by adding B's public key to the coins in question and signing them with his own private key. He then transmits these coins in one message, the transaction, across the peer-to-peer network. The rest of the nodes validate the cryptographic signatures and the amount of ciphers involved before accepting it.

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