Bitcoin (BTC) Pumps on Genesis Block Anniversary and After a US Drone Strike

Bitcoin-BTC

Bitcoin price, after yesterday’s scare and dip below the $7,000 mark, is pumping. Coincidentally, the resurgence is at the coin’s Genesis Block anniversary. Further spurred by other geo-political factors, enthusiasts and traders are optimistic that BTC is just at an early stage of a possible parabolic rally that will push prices to a new all-time high, above $20,000 and even to $78,000 through the 2020s.

Bitcoin (BTC) Price Performance

From coin trackers, Bitcoin is up 1.2% in the last 24 hours against the greenback. Accompanying this price uptick is a surge in trading volumes and a reaction at a key technical level in the daily chart.

Bitcoin BTC Performance
Bitcoin BTC Performance

Of note though, the recovery marks the 11th year since Satoshi mined the Genesis Block, officially paving the way for a new form of “electronic money” that has since defined global remittance, partly shaking the hegemony of fiat and acting a true reserve currency of the internet.

Satoshi Mines the Genesis Block

On this day, Satoshi mined the Genesis Block, or the first block of a blockchain, and earned 50 BTC but as per the protocol’s code, these coins cannot be expended and therefore are held in the digital ether. Interestingly, the block contains a pointed message, highlighting the chaos of the then existing banking system that was marked by a wave of bailouts following the Great Financial Crisis (GFC) of 2008-09.

Bitcoin Blockchain Genesis Block
Bitcoin Blockchain Genesis Block

The message “The Times 03/Jan/2009 Chancellor on the brink of a second bailout for banks” was hard-coded in the original block in reference to The Times newspaper of that day. It was a quote, a time stamp of the failing banking system.

Governments, to avert a cascading effect that would have further pushed the global economy into a depression, bailed out several global banks in the tune of millions and simultaneously launched Quantitative Easing to shore the economy and prop businesses. Specifically, Alistair Darling, the British Chancellor, was considering bailing out banks in the UK.

US Drone Strike Kills an Iranian General

Earlier today, a confirmed US Drone strike killed an Iranian General Qasem Soleimani at the Baghdad International Airport in what the Pentagon described as “decisive defensive action to protect US personnel abroad” to prevent “future Iranian attack plans.”

With tension between the US and Iran, analysts say Qasem’s assassination could trigger a war, a net positive for Bitcoin.

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