Like other cryptocurrencies, Bitcoin uses crypto wallets to store Bitcoin. Each wallet has private keys and public keys, with private keys allowing you to control your Bitcoin on the blockchain and send your Bitcoin to any public wallet address. Others can also send Bitcoin to your public wallet address, making Bitcoin function as a way to transfer value — like money, but without any middlemen like banks or payment services. The Bitcoin market cap is currently $806.15 billion. We arrive at this figure by multiplying the price of 1 BTC and the circulating supply of Bitcoin. The Bitcoin price is currently $41,120 and its circulating supply is 19.60 million. If we multiply these two numbers, we arrive at a market cap of $806.15 billion. A significant portion of all Bitcoins are held in the treasuries of public and private companies and ETF-like trusts. In addition to lowering the circulating supply of BTC assets available on the open market, institutional Bitcoin investment could inspire confidence in the cryptocurrency and encourage more retail investment – which is another important driver of Bitcoin’s price.
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It really wasn’t until Laszlo Hanyecz made the first Bitcoin trade for real goods (two Papa John’s pizzas in exchange for 10,000 Bitcoins) that there was really even a price applied to Bitcoin at all. The graph above also shows a governance event that was reported in news media during the 11 July 2019 headlined ‘The Future Regulation of Cryptocurrency’, which resulted in a subsequential −6% drop in the Bitcoin market (as shown in the 2019 graph above). This event referred to the financial action task force issuing guidelines on cryptocurrency which also coincided with Facebook’s announcement that it will launch its own brand of cryptocurrency—the Libra. Bottom fishing refers to investing in an asset with a substantial price decline. The high-risk, high-reward approach is based on the assumption that the asset is undervalued and due for a reversal higher.