On this day, 14 years ago, the price of bitcoin was born.
As noted in a post on X today by bitcoin HistorianPete RizzoOctober 5 marks the anniversary of the date when NewLibertyStandard, one of the first pseudonymous users of bitcoin, made public the first valuation of the US dollar price of bitcoin.
NewLibertyStandard, which was then a domestic miner, used in particular the price of electricity to calculate the exchange rate, factoringHow much did it cost you to power your personal computer? while mining coins with little competition.
At that time, he concluded that 1,309 bitcoin was worth $1, meaning that a single US dollar could buy the bitcoin produced by 26 blocks.
The calculation marked the first time anyone priced bitcoin above zero. As Rizzo noted, Satoshi Nakamoto never priced bitcoin nor, as far as we know, did he offer to buy or sell bitcoin for dollars.
The date is notable because since then, bitcoin, the world’s first cryptocurrency, has reached an astonishing milestone: its price has skyrocketed by more than 3.6 billion percent.
Fast forward to today, bitcoin has become a household name, a symbol of financial innovation, and a store of value. It has overcome countless ups and downs, regulatory challenges and market cycles, emerging as a resilient and highly sought-after asset.
bitcoin‘s exponential price growth is a testament to its unique characteristics and value propositions. Below are some key factors that have contributed to bitcoin‘s notable rise, including its market adoption.
So while NewLibertyStandard remained only a personal buyer and seller of bitcoin, he remains one of its founding fathers, helping to create the conditions for subsequent markets to flourish within a global bitcoin economy.
