Bitcoin celebrates 16 years with rising value and transactions
On October 31, 2008, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, presented the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. The document detailed the proposal for a decentralized network that would revolutionize the financial system.
Since then, Bitcoin has gone from an idea on a crypto forum to becoming the world's largest cryptocurrency by market value. This week, celebrating its 16th anniversary, Bitcoin reached a historic transaction milestone and a rising market value.
On this anniversary, the price of Bitcoin surpassed the US$70,000 mark, something that had not happened for more than seven months, and approached the historical record of US$73,000. By 2024, the value of Bitcoin has already risen by approximately 70%, consolidating its place among the 10 largest global assets with a market capitalization reaching US$1.4 trillion.
Transaction Volume and ETFs Boost Bitcoin
Monthly Bitcoin transactions also broke records in October, totaling 20.1 million operations, surpassing the previous record of 19.51 million in July this year. This increase reflects the growth in the use of cryptocurrency, both as an investment and as a means of payment.
Furthermore, the launch of Bitcoin exchange-traded funds (ETFs) in January 2024 marked a significant step in the cryptocurrency's consolidation in the traditional financial market. Since then, these ETFs have moved around US$460 million in accumulated volume, highlighted by the BlackRock ETF, which recently recorded a daily net inflow of US$870 million.
Satoshi Nakamoto and the mystery
The interest in Bitcoin is not just financial. Satoshi Nakamoto, the enigmatic creator of cryptocurrency, continues to be an intriguing figure. In honor of the white paper's 16th anniversary, HBO released the documentary Money Electric: The Bitcoin Mystery, which explores theories about Nakamoto's true identity.
Although the documentary mentions developer Peter Todd as a possible candidate, the community has disputed the suggestion, arguing that the evidence presented is flawed.
Last year, at the celebration of Bitcoin's 15th anniversary, SEC President Gary Gensler played a joke on Halloween, asking X (formerly Twitter) if anyone would be able to recognize Nakamoto if he dressed up as himself. This year, however, the SEC has remained silent on the cryptocurrency's anniversary.
Disruption and innovation
Tether CEO Paolo Ardoino recently highlighted that Bitcoin has established itself as one of the best forms of currency in the world. And what began as a concept to bypass the centralized banking system is today a major financial asset, with growing institutional recognition and global popularity.
With new initiatives in the financial market, price records and renewed interest, Bitcoin appears stronger than ever at its 16 years old. Analysts believe that cryptocurrency could reach new records after the US presidential elections. This would further consolidate its role on the global economic stage.
It is important to mention that, in addition to Bitcoin ETFs, prominent companies on the global stage are stacking Bitcoin successively. This is the case of MicroStrategy and Metaplanet.