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The 11 craziest Bitcoin stories of all time
One Bitcoin is now worth about$100,000 — a monumental achievement for the cryptocurrency industry. The leading cryptocurrency reached $101,250 on the night of Wednesday, Dec. 4, and then hit an all-time high of $103,679 on Dec. 5, 2024.
From its humble beginning in 2009 to reaching $1 in 2011 and achieving yet another milestone in 2024, Bitcoin’s journey highlights the transformative power of tech.
As the world’s first decentralized digital currency, Bitcoin has redefined the financial landscape, and it may be hard to imagine the financial world without its influence. Furthermore, the correlation between the S&P 500 and Bitcoin has strengthened, indicating that the stock and crypto markets are moving in tandem.
Here are some of the most fascinating stories from Bitcoin’s remarkable history.
The birth of Bitcoin
Bitcoin was first introduced to the world in 2008 by an anonymous person — or a group of people — known as Satoshi Nakamoto. Many individuals have claimed to be Satoshi, but no one truly knows for certain.
The goal was to create a decentralized digital currency free from the control of governments and central banks. Unlike conventional currencies, Bitcoin functions on a peer-to-peer network, which means that digital transactions can happen directly between users — without a middleman such as a bank. Decentralization is a defining feature of Bitcoin, which differentiates it from traditional currencies.
Bitcoin officially launched on Jan. 3, 2009, when the first block of transactions, known as the genesis block, was mined.
Bitcoin’s supply is limited to a maximum of 21 million coins. This means no additional coins will be generated or created after reaching the 21 million limit. Satoshi Nakamoto introduced the concept of limiting the quantity of crypto and making it more valuable to combat inflation.
Bitcoin Pizza Day
Do you know what the first item ever purchased using Bitcoin was?
It is believed that there were two large pizzas from Papa John’s in 2010. The transaction on May 22, known now as “Bitcoin Pizza Day,” was the first reported use of Bitcoin to actually buy something
On May 22, 2010, Laszlo Hanyecz, a Florida-based software engineer paid 10,000 Bitcoins for two Papa John’s pizzas.
“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day,” he wrote on an online Bitcoin forum . “I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”
“If you’re interested please let me know and we can work out a deal,” he added.
The 10,000 bitcoins he spent on two pizzas would be worth more than $1 billion today.
The first big Bitcoin hack
When it was introduced in 2009, Bitcoin’s value was zero. By the end of 2010, it had reached $0.30. Bitcoin saw significant growth in 2011, reaching what was then an all-time high of $29.60 that June.
Cryptocurrency remained sluggish in 2012. But 2013 saw steady growth, and Bitcoin surpassed the $1,000 mark that year.
In 2014, the cryptocurrency market faced a long winter due to the Mt. Gox crypto exchange hack . The exchange halted all Bitcoin withdrawals in early February 2014, and later suspended all trading on the platform. The incident led to a more bearish Bitcoin market for the next few years.
Recovery, another hack, and then crossing the $10,000 mark
Bitcoin recovered in 2017, bouncing back to $1,000. It continued to jump, reaching a high of $20,000 by the end of the year. But it didn’t last long, and Bitcoin was throttled by another hack in 2018 when the crypto exchange Coincheck lost $530 million. Bitcoin recovered in 2019, crossing the $10,000 mark.
The pandemic sent Bitcoin to $68,000
Bitcoin gained significant traction as an investment during the pandemic, emerging as a favored asset amid economic uncertainty and market volatility. In 2020, Bitcoin’s appeal as a hedge against inflation and a store of value grew and it surged to nearly $30,000 by the end of the year.
The momentum carried into 2021, with Bitcoin surpassing the $30,000 mark early in the year. By November 2021, it reached a then-record high of $68,000, solidifying its status as a key player in global financial markets.
Bitcoin became part of 401(k) plans
The surge in Bitcoin’s popularity in 2021 can largely be attributed to its growing acceptance in mainstream finance and endorsements from influential figures. One of the pivotal moments was its inclusion in 401(k) plans , which marked a significant shift in how traditional retirement savings strategies embraced digital assets.
When Elon Musk bought $1.5 billion in Bitcoin
Adding to the momentum, high-profile endorsements from industry leaders, including Tesla CEO Elon Musk, played a crucial role in amplifying Bitcoin’s appeal . In 2021, Tesla spent $1.5 billion on the currency. Other publicly traded companies also added Bitcoin to their balance sheets.
The contagious FTX collapse
Bitcoin faced a number of challenges in 2022, leading to bearish sentiment across the crypto market. In April, the stablecoin TerraUSD and its associated cryptocurrency Luna suffered a significant drop in value, causing a loss of confidence among investors.
That was just the beginning. At the end of the year, the exchange FTX collapsed , causing a crypto market bloodbath. Bitcoin lost more than half its value, sinking to as low as $18,000. The downfall of FTX was contagious as it led to the bankruptcy of other crypto companies, including BlockFi and Genesis.
The arrival of Bitcoin and Ether ETFs
After a prolonged bear market, Bitcoin and other cryptocurrencies made a strong comeback in 2024. Bitcoin reached a new high of $73,000 due to the SEC’s approval of spot Bitcoin ETFs , followed by the U.K.’s approval of Bitcoin-linked securities being listed on the stock market. In May, the SEC’s approval of spot Ether ETFs was another milestone.
The entry of financial giants like BlackRock and Fidelity into the crypto world has bolstered the proposition that cryptocurrency is indeed the future of finance. Financial institutions are working on the tokenization of funds , and they no longer see blockchain as a threat but rather as a tool.
FTX’s Sam Bankman-Fried and others were punished
This year, the crypto world’s tainted image improved a bit as FTX’s Sam Bankman-Fried and Binance’s former CEO Changpeng Zhao (also known as CZ) were put behind bars. Bankman-Fried was convicted of misappropriating $10 billion in customer deposits and generating false financial statements, while CZ was jailed for enabling money laundering on the crypto exchange.
This year, the authorities arrested key players in the crypto world, including crypto king Do Kwon, co-founder of Terraform Labs , and Roger Ver, also known as “Bitcoin Jesus.” While Kwon’s cryptocurrency company’s collapse caused a $400 billion market downturn , Ver, one of the largest Bitcoin owners, is facing charges for evading nearly $50 million in taxes.
Trump backs crypto
President-elect Donald Trump emerged as a pro-crypto figure in the 2024 U.S. presidential election.
Trump took an unprecedented pro-Bitcoin stance, championing the digital currency as a symbol of financial independence and an alternative to traditional banking. Labeling himself as the “crypto candidate,” Trump even accepted donations in a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana .
Trump also made history as the first U.S. president to address a Bitcoin event, attending the Bitcoin conference in Nashville, Tennessee, where he underscored his commitment to positioning America at the forefront of crypto. The crypto community is now eagerly awaiting the changes he promised during his election campaign .
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