Since its debut in January 2009 as the first successful cryptocurrency, Bitcoin has been associated with both extreme volatility and illicit activities (i.e. the black market website Silk Road) linked to terrorism-financing, money-laundering, illegal drugs and human trafficking. But this time is different and Bitcoin has more reasons to reach an unmatched price of $100,000 and $1,000,000 afterwards if governments of advanced nations along with that of China stops running headlong into backlash to the alpha Bitcoin and its prodigies (altcoins). Aside from the regulatory uncertainty, Bitcoin must improve design related flaws of its blockchain; as such, electric-intensive mining process; low scalability (i.e. block size limit of 1 megabyte and frequency block creation time of 10 minutes); proof-of-work - PoW (i.e. high latency, very costly and inefficient way of using resources); low transaction processing speed (i.e. between 3.3 and 7 transactions per second, compared with Ethereum’s 25, Ripple’s 1,500, OES’ 3,000, and Visa’s 25,000); and low security (i.e. the majority of mining is controlled by a handful of mining pools known as bitcoin cartels, which can rewrite an alternative financial history if 51% of the computing power is controlled by them). During the past decade (since 2013), the price of bitcoin has witnessed erotic price movements; when bitcoin passed the $1,000 mark (first bubble), the price rose from $196 in October 2013 to $1,155 in November 2013 and then plunged back to $227 in January 2015; company executives, hedge fund managers, media figures, and some celebrities have said the following about Bitcoin; “it is worse than tulip bulb”, “avoid Bitcoin like a plague”, “unlike stocks and bonds, has nothing to offer”, “will make central banks lose control”, “very iffy”, “Ponzi scheme”, “an unfounded fad (or even a pyramid scheme)”, “does not meet functions of money such as medium of exchange, store of value, and unit of account”, “a lot of froth and fraud.” Bitcoin phenomenon is nothing like the dot.com bubble or the 17th century Dutch tulipmania; while Bitcoin is still around and stronger than before, the antecedents that it is often compared with ceased to exist. Similar criticism keeps emerging every time Bitcoin breaks new price records, i.e. $20,089 on 17 December 2017, $32,052 on 3 January 2021, $40,846 on 6 February 2021, $50,341 on 16 February 2021, $61,221 on 14 March 2021, and finally $64,863 on 14 April 2021 (dropped to $28,893 on June 22, 2021). Conventional money will not disappear anytime soon, but at the same time, Bitcoin will continue to forge ahead unabated regardless of ongoing efforts to kill it off
