Bitcoin might be trading in the red today, but the most valuable cryptocurrency is still leading the market. Boardroom looks back on the last 14 years of Bitcoin.
Satoshi Nakamoto mined the first Bitcoin token on this date 14 years ago, marking the launch of the cryptocurrency market and the Bitcoin blockchain network.
Bitcoin’s creation came after Nakamoto published the Bitcoin white paper on Oct. 31, 2008, detailing the power of the new digital asset system. The first minted Bitcoin was called the Genesis Block, and it was mined on Jan. 3, 2009, at 2:15 p.m. EST. Since its inception, Bitcoin has grown to become the most prominent cryptocurrency on the market, with an estimated $322 billion market cap.
A lot has changed since Bitcoin hit the market 14 years ago, and by 2140, the final Bitcoin will be mined. The crypto is capped at 21 million coins, and when it reaches its fourth halving event in May 2024, the mining reward will continue to decrease.
While some believe Bitcoin is a Ponzi scheme, others see it as digital gold. In November 2021, Bitcoin shook the industry when its price hit $69,000, the highest it’s ever been. While that price has plunged to the $16,600 range today, Bitcoin is still the highest-trading coin out of the more than 21,900 cryptocurrencies on the market.
Here are some quick fun facts about Bitcoin’s early life:
- The headline from UK’s The Times newspaper can be found in the Genesis Block’s code. It reads, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
- Nakamoto wasn’t awarded the allotted 50 Bitcoins for mining the first Bitcoin block. The reward was instead sent to an unrecoverable crypto wallet.
- The first Bitcoin transaction occurred in October 2009 when a Finnish computer science student sold 5,050 Bitcoins for $0.0009 each.
- On May 22, 2010, crypto enthusiast Laszlo Hanyecz purchased two pizzas from Papa Johns for 10,000 Bitcoins, which was a purchase valued at $41 at the time. Today, 10,000 Bitcoins are worth roughly $166.54 million.
- Technically, Bitcoin is a Capricorn, which is an earth sign.
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