Bitcoiners have to endure a lot of criticism from those who are still skeptical of the digital asset. A lot of the time, this skepticism comes from misunderstandings about the true nature of what the network is capable of. Headlines like “Bitcoin Was Hacked,” “Bitcoin Is Used By Criminals,” and “Bitcoin Is Bad For The Environment” are examples of the common misunderstandings that Bitcoiners have to disprove to their colleagues, friends and family whenever the topic comes up.
One such argument that may be difficult to counter is the fact that bitcoin is a very young asset. It was introduced just 11 years ago and many naysayers dismiss Bitcoin altogether because they see it as a new experiment or fad that will die out, like MySpace or Beanie Babies. But what if there is a very sound counterpoint that may convince the cynics that bitcoin is indeed on its way to becoming a true, tested and mature asset?
Historic Market Hours And Other Factors To Consider
We can think about the maturity of an asset through the lens of the hours it has been publicly traded, as opposed to the number of years it has existed on the market.
Let’s take the beloved S&P 500 for example. First, we need to consider the date it began trading and how many days out of the year it usually trades for. The S&P 500 was founded on March 4, 1957, while trading hours occurred only on Mondays through Fridays from 10:00 a.m. to 3:30 p.m. and are closed on holidays.
This would equate to 5.5 hours of trading on a normal business day with 252 total trading days in a year. However, we cannot calculate the number of hours until we address how market hours have been changed over the course of history.
It wasn’t until October 1974 that the exchanges began operating from 10:00 a.m. to 4:00 p.m., which would allow markets to trade for six hours on regular business days. And then again, in 1984, the market hours were switched to the current times of 9:30 a.m. to 4:00 p.m., which would allot 6.5…