You must have heard about Bitcoin. It was the first decentralized currency, which means digital money. However, Bitcoin’s price history is interesting. It shows the fluctuation of profits and losses. From the introduction, it has grabbed the attention of investors and traders. Bitcoin is ruling the world with its high demand. Let’s see the turning points of Bitcoin since its introduction.
What is Bitcoin?
Bitcoin is a decentralized currency or digital money that acts as a form of payment not controlled by the government. Satoshi Nakamoto created Bitcoin in 2008. It does not involve any bank or mint for transactions. Any two individuals can send bitcoins from anywhere in the world.
However, the transactions are monitored by blockchain, which is like making a record. It is also responsible for Bitcoin’s security. Bitcoin is divided into tiny units called satoshis. This makes it practical for everyday payments. But, like gold, it is also valued as a long-term investment. If you are a new investor, learn the Bitcoin price history and invest.
History of Bitcoin
On 18 August 2008, Satoshi Nakamoto registered the domain Bitcoin. Later, on 3 January 2009, he mined and launched the blockchain or Bitcoin network. After 9 days, Nakamoto made the first Bitcoin transaction by giving 10 Bitcoins to Hal Finney. Laszlo Hanyecz made the first official transaction with Bitcoins and bought two pizzas for 10,000 BTC (Bitcoin Pizza Day).
In 2010-2012, Nakamoto disappeared after giving control to Gavin Andresen. Bitcoin gained popularity but was mainly used on the black market on the Silk Road. He formed a Bitcoin Foundation to promote Bitcoin. Before the foundation was founded, Bitcoin had become the main source of transactions on the Silk Road.
Moreover, from 2013 to 2019, the US made some guidelines for Bitcoin businesses. Later, US authorities seized Mt. Gox, a major Bitcoin exchanger. In December 2013, China prohibited financial institutions from using Bitcoin. However, in 2015, people started using Bitcoin as their main payment source. Bitcoin futures are introduced by the Chicago Mercantile Exchange (CME).
In 2020, major companies such as MicroStrategy, Square, and MassMutual acquired using Bitcoin. PayPal added support for buying and selling Bitcoin. Later, in 2021, Bitcoin’s market reached $1 trillion for the first time. El Salvador became the first country to adopt Bitcoin as legal tender. In 2022, Bitcoin’s price fell due to the TerraUSD and Celsius Network collapses.
Ordinals (NFTs) were launched on the Bitcoin blockchain in 2023. Now, people use Bitcoin for necessary purposes, and it has 81.7 million potential users.
Bitcoin Price History
From 2009-2015
Bitcoin’s price has fluctuated so many times. During its initial stage, it started at zero, but, it gained popularity and increased in price. It jumped from $0 to $0.20, and by the end of the year, it reached $0.30. At the beginning of 2011, it was $1, but by June 2011, the value rose to $29.60.
Later, due to the recession, the price dropped, ending at $5 in December 2011. The next year began with $13, but by November 2012, it crossed by $1000 and ended with $732. But, in 2014, the Bitcoin price fell to $300, a major loss due to security problems. In 2015, it grew and ended the year with $500.
From 2016- 2020
Bitcoin returned with a rise of around $900 by the end of 2016. Next year, it broke the all-time record in May with $2,000. In December 2017, it shot like a rocket and ended the year with $19,188. Bitcoin did not stand well due to breaching activity in 2018-19. In December of the same year, it end up with a total of $6,612.
In 2020, due to the COVID-19 pandemic, Bitcoin came back in the trend. The initial price was $7,161 at the start of the year and $18,383 by November 23rd. By the end of the year, Bitcoin had reached a final price of $28,993, representing a 416% profit from its starting point.
From 2021 to Present
From January 2021 to April, the price fluctuated between $29,000 and $60,000. It continued fluctuating until it reached $46,000. Moreover, in 2022, it fluctuated between $40,000 and $60,000. Later, it ended the year with $45,000. Similarly, in 2023, ended the year with $55,000.
The courts forced the SEC to review its denials, which led to approving the first spot Bitcoin ETFs in January 2024. This created more options for investors to invest in Bitcoin through the stock market. But, in late February and early March, Bitcoin reached $70,184. It also set another record by reaching $75,830.
The Last Line
Bitcoin Price has a great history. At the beginning of 2009, no one knew the power of Bitcoin. But year after year, the prices kept fluctuating. Now, in 2024, it is important for the economy. People from different corners of the world are investing in Bitcoins. Overall, Bitcoin’s price history is amazing. It started at $0.10; today, its value is over $70,000.
