Exactly fifteen years ago, an anonymous figure named Satoshi Nakamoto mined the Bitcoin genesis block, containing the first 50 BTC ever created. The anonymous mastermind behind the cryptocurrency, could not have anticipated the experiment’s evolution into a global phenomenon and a trillion-dollar asset class.
Bitcoin's 15th anniversary occurs at a critial time, with its price at its highest level since April 2022. Also, the industry is eagerly awaiting the approval of the first-ever Wall Street ETF tracking the spot price of BTC. On this special day, we wish Bitcoin many more years of success!
The Tale of Two Bitcoin Birthdays
Bitcoin, the world's first and most popular cryptocurrency, has not one but two important dates that are celebrated by its enthusiasts worldwide. While there is some debate around which date marks Bitcoin's true birthday, 3 January and 31 October both represent major milestones in the technology's history.
Happy 15th Birthday, #Bitcoin! pic.twitter.com/MF6DTNm0ge
— Pavol Rusnak (@PavolRusnak) January 3, 2024
3 January marks the creation of the Bitcoin genesis block in 2009, the first block ever mined on the Bitcoin blockchain by the pseudonymous creator Satoshi Nakamoto. This date represents the official launch of the Bitcoin network and is thus referred as Bitcoin's birthday.
31 October, on the other hand, memorializes the publication of the seminal Bitcoin whitepaper in 2008. Authored by Nakamoto, this document outlined the conceptual design for Bitcoin and its promises as a peer-to-peer electronic cash system. As such, 31 October marks the revelation of Bitcoin to the world, before any code had been written.
While 3 January celebrates the actual genesis of the technology, October 31st honors its conceptual beginnings. Together, they bookmark the short but dynamic history of Bitcoin. As of January 2024, nearly 1 million Bitcoin blocks have been mined and the network hash rate exceeds 500 exahashes per second, making it incredibly secure.
There are close to 34,000 Bitcoin ATMs installed globally and Bitcoin is accepted by major companies like Microsoft, AT&T and Home Depot. Others, like MicroStrategy and Tesla have added Bitcoin to their balance sheets. El Salvador became the first country to adopt Bitcoin as legal tender in 2021.
Moreover, the 15th birthday could be pivotal as Bitcoin soon faces two very important events.
Bitcoin Halving, Spot BTC ETF Approval and $80K Forecast
This week, Bitcoin surpassed the $45,000 mark for the first time in nearly two years, largely due to weekend rumors that the US Securities and Exchange Commission (SEC) might approve the first-ever spot Bitcoin ETF on Wall Street. Experts believe that this could trigger a new wave of mass institutional adoption.
"We believe there is still room for the rally to extend once the ETFs are finally approved. As much as the event has been priced in, given how much hangs in the balance, there is definitely some money sitting on the side-lines, waiting for an actual confirmation," Joel Kruger, the Market Strategist at LMAX Group, commented.
Moreover, in the coming months, Bitcoin will experience a "halving" event, cutting the reward for mining new blocks by half. Historically, this has led tosignificant increases in the cryptocurrency's value.
Based on these two factors, analysts at AllianceBernstein predict that Bitcoin's price will reach new record levels in 2024, potentially testing the $80,000 mark. Given that its price increased over 150% in 2023, this prediction does not seem far-fetched.
"Bitcoin ETF flows build-up could be gradual, but the applicants will be fighting hard to get a lead in this massive asset accumulation game, tuning up advertising and Bitcoin branding leading to a snowball effect," the analysts noted.
Will the first bitcoin ETF be approved by the SEC on Bitcoin's birthday? Cryptocurrency enthusiasts would certainly wish for it.
This article was written by Damian Chmiel at www.financemagnates.com.
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