The story of Bitcoin and its growth over time will be incomplete unless the level of adoption of the digital currency by both retail and institutional investors is acknowledged.
The Genesis Block of the Bitcoin (BTC) network was created exactly 13 years ago today, and many supporters are celebrating this historic milestone in the development of a decentralized digital monetary system. Satoshi Nakamoto, the Bitcoin currency’s unidentified creator, released the Genesis block with the first 50 BTC delivered to Sourceforge. Because the tokens are non-transferable, the value of the 50 BTC remains zero.
The Genesis Block includes a message on the blockchain from the time, quoting a headline from the Times newspaper in the United Kingdom, which reads, “The Times 03/Jan/2009 Chancellor on the Verge of a Second Bailout for Banks.”
This statement has become something of a mantra for many in the digital currency ecosystem ever since. Many people believe that Bitcoin’s goal is to dethrone the banks by creating a new financial model that is trustless and devoid of third-party oversight because of its ties to banks.
Dr. Craig Wright, a prominent figure in the Bitcoin community who claims to be Satoshi Nakamoto, has lent his voice to explain the mystery surrounding the Genesis Block message. The headline timestamp, according to Wright, is there to prove Bitcoin wasn’t “pre-mined” to give its creator an advantage and an incentive to create/pump a fiat currency value.
He also pointed out that, while the headline comment was considered political, it had a different meaning or perspective than what many people today attribute to it. The idea that Bitcoin is here to “destroy” or “replace” banks, according to Wright, is incorrect; rather, it goes against the idea that governments should intervene in free markets. Bitcoin is a capitalist and free market, but not anti-bank.
Although Wright’s claim to the Bitcoin IP is contested, he has remained the only visible claimant to the protocol.
From Genesis to Now: A Look at Bitcoin’s Price Growth
Bitcoin has unquestionably come a long way since its inception in 2009, with the price rising from practically zero to the $47,116.33 it currently trades at, according to CoinMarketCap data. Bitcoin has significantly grown to hit an All-Time High (ATH) above $68,700 in early November, despite having grown by 71752 percent from its All-Time Low (ATL) of $65.53 printed about 8 years ago.
The story of Bitcoin’s growth over time will be incomplete unless the level of adoption of the digital currency by both retail and institutional investors is acknowledged. While millions of people own Bitcoin, corporations such as MicroStrategy Incorporated (NASDAQ: MSTR), Tesla Inc (NASDAQ: TSLA), and Block Inc (NYSE: SQ), to name a few, also own it.
Regulators are gradually favoring investment products like an ETF that can be traded on regulated national bourses over Bitcoin and the broader ecosystem of digital currencies that has emerged as a result of it.
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