Bitcoin’s evolution: Lessons from a decade in crypto

When RA George first heard about Bitcoin in 2012, he thought it sounded like a passing trend. It wasn’t until 2013, when the now-infamous Mt. Gox exchange—the largest Bitcoin trading platform at the time—collapsed after losing hundreds of thousands of Bitcoins to a hack, that George began to realize the true potential and vulnerabilities of this revolutionary technology.

George’s introduction to Bitcoin came through a friend working at the Co-op Bank in Manchester, UK, who gave him a gift of Bitcoin. “I didn’t understand what he was talking about,” George said. “He actually gave me a couple of Bitcoins, but I didn’t know what to do with them.” This small gesture sparked a journey that would see George grow from a curious observer to a respected authority.

George recalled his first Bitcoin meetup, where his formal attire stood out among the casually dressed attendees. “Turned out, there were only four people, and two of them were organizers,” he laughed. These early experiences highlight how far the crypto industry has come since its niche beginnings.

By 2015, George’s passion for crypto had led him to launch the Blockchain DXB podcast, dedicated to “demystifying blockchain, crypto, and AI.” Through the podcast, George has chronicled the industry’s evolution, from initial debates about transaction speeds to the recent explosion of interest in NFTs and the metaverse.

Exploring beyond Bitcoin

As George became more knowledgeable about the crypto space, his investments expanded beyond Bitcoin. “Ethereum was one of them. Even Litecoin. At that time, there was mass vibe regarding Litecoin. So Litecoin, back in the day, was essentially called the younger brother of Bitcoin.” He explained Litecoin’s unique role in crypto history, noting how it often served as a testing ground for Bitcoin’s technical updates.

He recalled a time when cryptocurrencies like Dogecoin were distributed freely. “A lot of people don’t know this, that when Reddit was launched, you could get a lot of Bitcoin and even cryptocurrencies for free. A classic example I can think of is Dogecoin… Imagine just doing a spell check for three pages. Back then, the value of Dogecoin was ridiculously low.”

Staying calm in crypto

George understands the challenges faced by newcomers, particularly the emotional ups and downs of investing in such a volatile market. “A lot of the new entrants, they do get worried when the price is dumped down even slightly, a bit,” he said, noting that many initially resolve to hold long-term but panic when prices dip.

He emphasizes the importance of understanding Bitcoin’s foundational characteristics—its open-source, permissionless, and publicly verifiable nature. While this knowledge provides confidence, he also cautions against relying too heavily on price predictions, wryly observing, “All price predictions are 100% right 50% of the time.”

What’s next for crypto?

Despite the challenges of emotional investing, George remains optimistic about the future of cryptocurrency, particularly the role of emerging technologies and institutional adoption. He sees artificial intelligence playing a significant role in decentralized finance (DeFi). George believes AI can improve the usability of decentralized exchanges, making them more accessible to everyday users.

George also predicts that banks in the UAE could soon offer Bitcoin and cryptocurrencies directly, reducing the reliance on centralized exchanges. As for Bitcoin’s future, George forecasts it reaching $250,000 by the end of 2025, driven by its potential adoption as a strategic reserve asset. However, he tempers this optimism with a realistic acknowledgment of the industry’s volatility.

For those entering the crypto space, George’s advice is clear: focus on understanding the fundamentals, resist the urge to panic, and think long-term. His ability to combine personal anecdotes with practical insights makes his perspective especially valuable to both seasoned investors and newcomers.

 

Listen to the whole interview on The Crypto Radio's live player or in the Community podcast.