As a long-time Bitcoin investor and observer, I cannot help but be reminded of Satoshi Nakamoto’s words when the cryptocurrency market faces skepticism and criticism. Having witnessed Bitcoin’s journey from nearly $0.07 to its current price in the tens of thousands, I have seen firsthand how Satoshi’s vision and conviction paid off.
Bitcoin expert Pete Rizzo recently re-explored a deep remark attributed to Bitcoin’s anonymous inventor, Satoshi Nakamoto, which continues to strike a chord within the digital currency community.
In a recent tweet, Rizzo brought attention to an intriguing piece of Bitcoin history, transporting the community back to Bitcoin’s formative years. He reposted Satoshi Nakamoto’s statement from over a decade ago: “I can’t convince you if you don’t believe or understand it. I apologize.”
✨ Satoshi Nakamoto on #Bitcoin at $0.07, exactly 14 years ago.
Believe it 🚀
— The Bitcoin Historian (@pete_rizzo_) July 28, 2024
In the past, Bitcoin was a relatively new and unknown digital currency, generally disregarded by traditional financial sectors and the general population, with a value close to $0.07.
Instead of trying to persuade doubters, Satoshi Nakamoto devoted his efforts to constructing and enhancing the Bitcoin system. The network’s achievements served as a powerful testament to his vision and belief in its potential.
As a crypto investor, I can tell you that the value of Bitcoin has undergone an incredible transformation since its humble beginnings at just $0.07. Today, its price reaches tens of thousands of dollars, drawing attention from major financial institutions and governments across the globe. This meteoric rise is not without reason – it’s been fueled by increased adoption, groundbreaking technological advancements, and a passionate community that continues to grow and thrive.
When I penned this down, Bitcoin had gained 3.1% over the previous 24 hours and was priced at $69,474. It had touched a new peak of almost $74,000 around mid-March.
Bitcoin continues to outshine criticism
Today, Satoshi’s statement still holds true in the ever-evolving cryptocurrency landscape. Despite persistent skepticism and criticism towards new initiatives and advancements within this industry, there is a resilient spirit of construction among its community.
In a recent survey conducted among approximately 11,000 Bitcoin holders through Peter Schiff’s X platform, an astonishing 87% declared they wouldn’t part with their Bitcoins, regardless of a potential price collapse down to $120 – the equivalent of a 99% plunge. Remarkably, these respondents went even further, stating that they would continue purchasing more Bitcoin during such a downturn.
Schiff, who has been vocal about his criticisms towards Bitcoin, made an unexpected acknowledgment. He acknowledged that Bitcoin’s impressive historical performance is a significant draw for investors to purchase it. Moreover, he expressed that even if one incurs losses with Bitcoin, it remains a digital equivalent of gold due to its unwavering value, regardless of its current price.
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2024-07-29 14:44