As a seasoned crypto investor with over a decade of experience, I can’t help but be in awe of Satoshi Nakamoto’s foresight and wisdom. When Bitcoin was trading at just $0.07 back in 2010, Satoshi already understood the intrinsic value of this revolutionary technology.
According to Bitcoin historian Pete Rizzo, there is a statement attributed to the elusive Satoshi Nakamoto, the supposed creator of Bitcoin, which was reportedly made on June 22, 2010. In this statement, Satoshi provided insights into the fundamental worth of Bitcoin.
About fifteen years past, Satoshi Nakamoto elucidated the reason behind Bitcoin’s worth despite its trading at just pennies. Back then, Bitcoin was in its early stages, with its value hovering near the $0.07 mark.
✨ Satoshi Nakamoto explaining why #Bitcoin has value at $0.07, exactly 14 years ago
— The Bitcoin Historian (@pete_rizzo_) July 22, 2024
Recently, Pete Rizzo drew attention to an intriguing historical remark. He posted a screenshot displaying the alleged words of the anonymous Bitcoin creator.
“Satoshi explained that Bitcoin derives value from its acceptance as payment by numerous entities. In simpler terms, you could consider Bitcoin as being ‘supported’ by the price labels of merchants and currency exchanges – a price label represents a commitment to swap goods for a predetermined amount of currency.”
Satoshi’s statement echoes 14 years later
After more than a decade, Satoshi Nakamoto’s original assessment of Bitcoin’s worth remains relevant. The value of Bitcoin has dramatically increased from its humble beginnings at just $0.07, now trading in the high thousands of dollars.
In March, Bitcoin reached its maximum value of approximately $74,000, primarily due to the anticipation of increased investment from United States Exchange-Traded Funds (ETFs).
Since Satoshi’s statement, Bitcoin’s use as a payment method has expanded dramatically.
Back in the early days of my crypto journey, around 2009 up until approximately 2012, merchant adoption of Bitcoin was virtually non-existent due to limited awareness and inadequate infrastructure. The first recorded transaction using Bitcoin took place in 2010 when someone bought two pizzas for an astonishing 10,000 BTC. This historic event is now celebrated as Bitcoin Pizza Day.
The story has evolved as more merchants have started using cryptocurrencies, showing a rising trend towards digital currency transactions as a practical choice over conventional payment methods.
At the time of writing, BTC was up 1.30% in the last 24 hours to $67,846, per CoinMarketCap data.
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2024-07-22 18:07