In our last Target Tech Bytes, we dipped our toe into the world of Blockchain technology. The digital ledger that allows the exchange of units of value, digitally! In this month’s edition, let’s dive a little deeper and explore the upsurge in cryptocurrency and why it’s a topic that firms can’t afford to ignore.

The rise of crypto

To add a little perspective before we continue, the first real-world trade of cryptocurrency in 2010 was 10,000 Bitcoin (BTC) for two pizzas. A day known famously as ‘Bitcoin Pizza Day’. If Laszlo Hanyecz had kept hold of his 10,000 BTC at the peak of the cryptocurrency’s pricing in 2021, it would be worth an eye-watering $630 million. The most expensive Papa John's pizzas of all time!

It’s revolutionising how we use money; its popularity is skyrocketing and even the Bank of England are considering introducing a new digital currency to meet evolving needs of businesses and consumers.

Unless you’ve been living under a rock, I’m sure you’ve heard all about the boom that is Bitcoin and, more recently, the very public crash of crypto exchange FTX, causing a tidal wave of uncertainty in the crypto world. There’s no doubt about it, cryptocurrency is here to stay and if anything, the recent events with FTX seem to have shone an even brighter spotlight on the future of crypto.