Bitcoin, created in 2009, was hailed as the world’s first cryptocurrency—a digital form of money that exists only in electronic form. Over the past decade and a half, Bitcoin and other cryptocurrencies have struggled to gain widespread use as a form of currency. Price volatility has been a persistent feature of the crypto market, with daily swings of five to fifteen percent.
Traditional currencies, like the U.S. dollar or Japanese yen, are centralized, while cryptocurrencies are decentralized and lack a single government owner or regulator. The rules, structure, and supply of cryptocurrency are determined by the creators of each system, and there are no inherent restrictions on who can create them. The volatility and speculative appeal have spurred both investment interest and debate about whether crypto can ever provide the price stability needed for everyday use.
Investors have increasingly treated cryptocurrency as an investment rather than a currency. The SEC approved the first Bitcoin ETF in early 2024, and subsequent crypto-related products have brought digital assets into traditional markets. Global crypto market value is estimated at around $3 trillion, with the number of unique cryptocurrencies rising from about 18,500 in January 2020 to more than 30 million today. Bitcoin’s price history remains a focal point for investors, with notable milestones including a rise above $60,000 in 2021 and a breach of the $120,000 mark in October 2025, followed by a current level near $90,000.
The soaring price of Bitcoin triggered a flood of investor dollars seeking quick returns. In a recent study by Security.org, roughly 30% of American adults, or about 70.4 million people, own cryptocurrency as a type of investment. The most popular cryptocurrencies held as an investment are Bitcoin (74%), Etherium (53%) and Dogecoin (25%).
Among non-owners of cryptocurrency, 47% said they would consider investing in cryptocurrency in the future while 6% say they will definitely purchase some within the next 12 months. More importantly, the use of cryptocurrency as an investment has been heavily adopted by Wall Street.
In early 2024, the U.S. Securities & Exchange Commission (SEC) approved the first Bitcoin exchange traded fund. Since then, the SEC has approved many other cryptocurrency-related investment products that allow investors to gain exposure to cryptocurrency assets.
Moreover, it brought the cryptocurrency industry into the world of traditional finance. It allowed pension funds, mutual funds and everyday investors to trade cryptocurrency assets through traditional securities. According to cryptocurrency website CoinMarketCap, the global value of all cryptocurrencies is around $3 trillion. This is up 85% since January 2024. The number of individual cryptocurrencies has also exploded in recent years. In January 2020, there were about 18,500 unique cryptocurrencies. Today, there are more than 30 million.
However, just a handful of these, such as Bitcoin, are heavily used or traded. Fortunes have been made, and more than likely, many more have also been lost. But for now, at least, this seems to be their legacy.
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