New scenario for Bitcoin: digital currency breaks historic record and exceeds price of R$396 thousand in October
In the external scenario, the presidential elections in the USA, with the possibility of former president Donald Trump winning, have a strong influence, as the Republican declares himself a bitcoin enthusiast.
In Brazil, the scenario is also favorable to bitcoin, says market analyst and finance specialist from Fundação Getúlio Vargas (FGV), Eduardo Domenico.
“Proof of this is that governments are seeking to regulate bitcoin in several countries, including Brazil. Measure that can bring more confidence to investors. Furthermore, large international players are creating portfolios of this currency, which could also have a positive influence on the price”, says Domenico.
Bitcoin: how it works
Nicknamed “digital gold”, Bitcoin uses the same principle as the valuable ore within the market: it has limited reserves. There are 21 million units. So far, around 19 million have been created, according to the Brazilian Association of Financial and Capital Market Entities (Anbima). The remaining 2 million, in order to exist, must be mined. This is the term used to describe the process of creating a digital asset.
“Mining serves to create new units of this asset, verify, record and validate transactions, which are carried out exclusively over the Internet”, explains Domenico. Each Bitcoin transaction is sent to the network and miners do all the work, using supercomputers. Hence the term “mining”.
Bitcoin brought a completely different logic to any currency that had ever been created and transformed the form of control of traditional money, as it is a decentralized power — without intervention from banks and financial institutions and independent of any political power. “The entire system is managed by the community itself, on the Internet”, explains Domenico.
Bitcoin: new documentary shows how the monetary system can be impacted
Bitcoin advocates are betting on significant changes to the global financial system created by it. An online documentary released in June in the United States brings together experts from different areas to explain these changes. “God Bless Bitcoin” can be seen for free and is available with subtitles in Portuguese.
The film’s spokesperson in Brazil, Fabiana Albuquerque, explains that the production brings a new look at ways of buying and selling, and encourages people’s desire to understand more about Bitcoin.
“Everything that happened in the film you start to want to know, because it is a transition. As has happened in other times in world history: we left the currency that was salt. Then, we went to gold, to metals , paper and, now, we are going to the digital age. People have to get informed, learn. The film is that introduction, bringing interest so that you can wake up and know more.”
Bitcoin: autonomy and non-intervention
The documentary shows, through the opinion of experts in bitcoin, the financial market and investors, how the autonomy of the currency is the key point for the economic changes that the world needs. As Bitcoin is not linked to a bank, financial institution, country or politicians, all transactions are made from one end to the other, without intervention.
“Bitcoin is completely disconnected from the economy, from governments, from companies. It is a large community of any social class, any color, race, language. We are the participants who audit this database, to which governments do not have access “, adds Fabiana Albuquerque.
Bitcoin: safe alternative
Stability and security in difficult times: one of Bitcoin’s biases addressed in “God Bless Bitcoin”. The film also shows how digital assets can be an alternative, both during periods of financial crises — such as the one faced by Venezuela — and during times of conflict — such as the war between Ukraine and Russia.
Don’t film, Yan Pritzker, co-founder da Swan Bitcoina company specializing in Bitcoin mining, says he had friends in Ukraine at the beginning of the attacks. “They helped save someone from the wreckage of the conflict and asked me for help to buy more supplies, such as water and food. At one point, the only way to get money into Ukraine was Bitcoin,” explains Yan. “There is no other technology that can cross borders while the banking system is disrupted.”
Another example shown in the film comes from Afghanistan. In the conservative country, where many women who work outside the home do not have access to bank accounts, payment comes by post or through relatives’ accounts. Women who often end up not even getting their hands on that money, since men in that country don’t want to give them financial freedom.
In a statement, Roya Mahboog, CEO of the Digital Citizen Fund in Afghanistan, says that the creation of Bitcoin wallets was the solution for these women. “We heard about Bitcoin and thought, well, we can use this currency and send it to women directly and they can be in control of their own finances.”
The documentary “God Bless Bitcoin” can be seen, for free, on the page www.godblessbitcoin.com and on YouTube. So far, the production has recorded more than 4 million views on the platform.
GOD BLESS BITCOIN
Duration: 1 h 29 min
Again: 2024
Direction: Brian Estes, Kelly Estes e Michal Siewierski
List: Natália Brunell (Journalist/Podcaster), Mark Kuban (Venture Capitalist), Tony Hawk (Skateboarder), Tony Gallippi (Bitpay Co-Founder), David Bailey (CEO Bitcoin Magazine), Michael Moro (CEO Gênesis), Cory Klippsten (CEO Swan Bitcoin )
Where to watch: via website www.godblessbitcoin.com e Youtube.
By Brasil 61
