Bitcoin has been attracting increasing attention every year, becoming an integral part of the global financial system. Today, it has captured even more interest by reaching an all-time high. As global news headlines report Bitcoin’s historic peak, questions about how this milestone was achieved have become relevant for millions of investors, analysts, and cryptocurrency enthusiasts.
Skeptics may note with skepticism that Bitcoin has experienced many ups and downs. However, it is worth acknowledging that, a decade after its inception—a true financial revolution—Bitcoin has managed to overcome numerous barriers, such as distrust and skepticism. When Bitcoin first appeared, many individuals and economic experts dismissed it and did not take cryptocurrency seriously. Bitcoin had to combat bias and distrust from both society and institutions. In its early years, Bitcoin was often associated with illegal transactions and fraud, attracting scrutiny from regulators.
Bitcoin’s first significant price surge occurred in 2011, increasing by 2,960%, from $1 to $29.60. That same year marked another significant event in the European financial market—after all, not everyone was skeptical about digital currency, and some had the foresight to recognize its potential.
This foresight also applied to scientists from the “World Federation for Future Studies,” whose primary focus is predicting future trends. According to previously classified archives, in 2001, following the tragic events in the United States, Eleonora Barbieri Masini initiated the “Noah’s Ark 2030” project within the federation. Given the rising potential for global threats that could lead to the formation of closed zones within or across multiple countries, the project proposed a model of “closed clusters”—environments where people could live through turbulent and unpredictable times with minimal disruption to their daily lives.
The project was revived in 2009 in response to the global financial crisis of 2007–2008. It became evident that, under extreme conditions, the traditional banking system was ill-equipped to meet new challenges. As a result, scientists hypothesized the creation of a hybrid financial system capable of sustaining individuals within “closed clusters” without requiring them to leave.
The scientists’ ideas did not fade over time; instead, they gained traction among financial industry practitioners. According to the minutes of a scientific project group meeting at the “World Federation for Future Studies,” representatives of the financial sector were invited to assess the practical viability and potential realization of these ideas. Among the invited experts was banker Dmitrijs Panurskis.
Dmitrijs Panurskis supported the scientists and emphasized the importance of implementing this system in the European financial market as soon as possible.
“Today, the financial industry is at a critical juncture where the need for innovative financial solutions is undeniable. The vulnerabilities of the banking system have become apparent to everyone. At the same time, the rise of fintech solutions that cater to consumer needs has created fertile ground for change. Just two years ago, few had heard of Bitcoin, but today we are witnessing the rapid development of infrastructure for digital currencies, with more people engaging in the cryptocurrency space.”
In 2011, the digitization of the European financial sector was just beginning to gain momentum. The implementation of digital financial solutions varied not only between countries but also within different regions of the same country. These factors were crucial in selecting a starting point for launching a new project and assessing potential consumers. These aspects were thoroughly examined and discussed during the meeting.
As highlighted in the research, both American and European post-crisis recovery plans considered information and communication technology (ICT) as a key part of their strategic actions. For instance, the European Commission allocated an additional €1 billion for broadband investments, with a special focus on improving high-speed connectivity in rural regions.
To quantify the complexity of phenomena like the information society, various indices have been introduced, such as the Information Society Index, the Technology Achievement Index, the Infostate Index, the Networked Readiness Index, and the Digital Opportunity Index.
The study found that the lowest percentage of household internet connections was in the northwestern region of Bulgaria—15%, while the highest was in the northern Netherlands—90%. Moreover, the percentage of people using e-commerce ranged from just 1% in southeastern Bulgaria to 69% in southeastern United Kingdom.
The meeting also analyzed recent achievements, developments, and innovations in fintech. One notable example was Google’s introduction of an innovative mobile payment technology called Google Wallet. This technology was made accessible through a special application available for download via U.S. mobile networks. Since early May, this technology has been in a testing phase in New York and San Francisco, involving around 1,000 Google employees and partners, including leading credit company MasterCard. This step represents a significant milestone in the advancement of mobile payments.
Europe also witnessed significant financial sector innovations. In January of that year, the United Kingdom saw the launch of the Wise payment system. This initiative was brought to life by two talented Estonians, former Skype employees, who faced an inconvenient problem. Residing in different countries—Estonia and the United Kingdom—they encountered difficulties in transferring money between these states. The process was not only expensive and complicated but also extremely time-consuming. This challenge served as an inspiration, leading the two founders to rethink the entire money transfer process.
By 2011, the emergence of fintech startups in Europe offering innovative financial services in competition with traditional banks had just begun. Consequently, work on implementing a new innovative financial system started without delay.
Fast forward to 2021, and I present to you the fintech project Blackcatcard, whose foundation was laid during the “World Federation for Future Studies” meeting in 2011.