- Today marks Bitcoin’s 11th birthday.
Eleven years ago today, the pseudonymous creator of the world’s leading cryptocurrency, Satoshi Nakamoto released its whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System.
Back in the day, following the 2008 global financial crisis Nakamoto and Hal Finney, a computer scientist, who people believe is the same person, we're working on giving people back the power to take control of their own money.
However, it was on January 3, 2009, when the Genesis Block was mined on the network.
Since then, the industry has grown tremendously, with over 2,000 cryptocurrencies now existing in the market. But none has been able to trump Bitcoin.
Bitcoin Through the Years
From 2008 to 2010, were the early years for Bitcoin when no one knew much about the cryptocurrency. It wasn't until May 2010 that it got the attention it had been seeking. When 10,000 bitcoins were traded for two large Papa John's pizzas.
Bitcoin hit the mainstream in 2013 when towards the end of the year, the value of one BTC went from $100 to $1000 in a month. But it was short-lived, only staying in 4-figures for close to a week. Bitcoin wouldn't hit $1000 again until 2017.
It was 2017 that got Bitcoin in the limelight when the bull rally took its price to a peak of $20,000. This same year we saw a hard fork that created Bitcoin Cash (BCH) and CME and Cboe launching Bitcoin futures.
In 2019, the lawmakers are still studying and trying to understand cryptocurrencies. The US President Donald Trump, Fed Chairman, and Treasury talking about Bitcoin and feeling the need to point out that the US Dollar is the only global currency.
Making a Recovery
On its eleventh birthday, Bitcoin is trading at $9,300 and about six months away from its third block mining reward halving in May 2020.
Last year, BTC dropped 84% from its all-time high and had been trading around $6,000 during its 10th anniversary. This time, the flagship cryptocurrency has made the recovery from the brutal bear market, having surged 138% in 2019 YTD.
This month, also marked the achievement of a major milestone where 18 millionth BTC was mined out of its 21 million hard cap. Additionally, in August this year, 85% of the total BTC supply was also mined.
On Oct. 30, the Bitcoin network officially surpassed USD 1 billion in cumulative fee revenue.
A Long Way to Go
As a result of its continued dominance, institutional heavyweights like ICE (with Bakkt), Fidelity Investments (with Fidelity Digital Assets) are getting into Bitcoin. The digital revolution continues to attract interest while gaining mainstream adoption. Regulatory, security, and privacy concerns, however, are still persistent in the market.
Bitcoin as a store of value narrative has been gaining traction while becoming an essential part of the investment portfolio but we still have a long way to go. Whether the regulatory and adoption storm and as some believe, realize its true potential.