They say time heals all wounds, not in bitcoin.
As documented byPete Rizzo, bitcoin historianTomorrow marks the 12th anniversary of a now infamous tweet from Nick Allen in 2011, demonstrating the remarkable growth and resilience of cryptocurrency over the past decade.
The tweet in question, posted on October 25, 2011 by technologist Nick Allen, expressed disbelief at the value of bitcoin, which “dropped to $2.70 each.” Allen went on to say that he was “very glad I didn’t believe that mess.”
At the time of the tweet, bitcoin was trading at $2 and is up approximately 1,600,000 percent since that date.
Fast forward to today, and the price of bitcoin has skyrocketed to nearly $35,000 per coin, marking a phenomenal rise from the days when it was valued in the single digits. Allen’s tweet has since become a symbol of how cryptocurrency has defied expectations and evolved into a mainstream asset class.
Nick Allen, who has extensive experience in the gaming and esports industry, may not have anticipated bitcoin‘s extraordinary growth when he posted his tweet, but the incredible price surge highlights the digital currency’s journey and the growing interest in cryptocurrencies as a legitimate investment. vehicle.
Still, as recent news shows, Allen is not alone when it comes to believing that bitcoin is a fad whose best days are behind it. While some are excited about the potential approval of a bitcoin spot ETF, there has been a continued barrage of news in the wake of the FTX test that takes a similar tone.
In this way, Allen’s tweet can serve as a reminder that bitcoin has a history of challenging doubters and rewarding its investors.
