Since its creation in 2009, cryptocurrency has absolutely dominated the world of finance. While it was not an instant success, the phenomenon has absolutely dug its nails into the popular consciousness. Today, an estimated 15% of the American population invests in cryptocurrency. That number increases when we take a look at worldwide statistics. More importantly, close to 50% of the US population has admitted to being interested in cryptocurrency.
But it doesn’t stop there. Studies have shown that younger generations are growing more interested in cryptocurrency, and similar alternative investment options. Obviously, this means that the future of crypto might be even brighter than today. Already, sports betting and casino websites are beginning to embrace crypto-based deposits.
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For anyone interested in the rise of cryptocurrency, in this article, we explore the biggest and most important names in the market’s history.
Satoshi Nakamoto
First on our list is, of course, the person who started it all. In 2008, a person known only as Satoshi Nakamoto released a paper, in which he espoused the benefits of decentralized currency, the digital age, and a peer-to-peer system. The aptly named Bitcoin: A Peer-to-Peer Electronic Cash System was received with great praise. So, a year later, Nakamoto put his theory into practice.
Bitcoin’s success was not instant. In fact, it took quite a bit of time for the cryptocurrency to become the financial juggernaut that it is today. It was in 2018 that the first big wave of interest in Bitcoin came about. The value of it surged, and many investors found themselves overnight millionaires. Since then, Bitcoin’s price has fluctuated, reaching its peak in 2020, and plummeting since. However, it still remains the most highly-valued and most prestigious cryptocurrency on the market today.
Nakamoto’s identity still remains hidden. Arguments have raged and many people have claimed to know exactly who Satoshi Nakamoto is. However, no conclusive evidence has ever been provided regarding the creator’s identity.
Nayib Bukele
Nayib Armando Bukele Ortez is the 43rd president of El Salvador, and an accomplished politician and businessman. His tenure is characterized with high approval ratings and an increase in safety and security. An example here would be that the murder rate decreased to a historic low, by almost 50%. On top of that, under Bukele’s regime, over 50,000 gang affiliates have been arrested.
But the question is, what does the President of El Salvador have to do with cryptocurrency? The answer came in 2021. On 5 June 2021, Nayib Bukele announced his unprecedented decision to embrace Bitcoin as a legal tender. During the year, the Salvadoran government bought 400 Bitcoins, legalized the cryptocurrency, and introduced over 1000 Bitcoin ATMs in the country.
Whether the decision was the right one has been debated by proponents of Bitcoin. Some are fundamentally against the idea of Bitcoin being “embraced” by governments. After all, the point of Bitcoin is to be a decentralized currency, not beholden to any authority figure. Others are ecstatic about a prospective legalization of cryptocurrency worldwide. Wherever you fall, one thing is certain. Nayib Bukele is the main reason behind crypto’s mainstream success, making him one of the most important names in cryptocurrency today.
Changpeng Zhao
Lastly, we are taking a look at the Chinese-Canadian businessman and CEO of Binance. CZ’s importance to the world of cryptocurrency cannot be understated. He was the founder and still the CEO of the biggest cryptocurrency exchange, Binance. In terms of volume, no other platform comes even close to his. Binance is a global company, which can be accessed anywhere in the world (with the exception of the United States of America). But his importance does not stop there. Changpeng Zhao is also important in the way he looks at cryptocurrency. Nowadays, most people see cryptocurrency as an investment. Zhao, on the other hand, embraces the “currency” aspect of crypto. He believes that cryptocurrency shouldn’t just be traded, but rather that people should use it as they would any currency. Whether he will get his wish remains to be seen. As for now, crypto is one of the most popular markets to invest and trade in.