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Happy Birthday, Bitcoin! ATH Hit on Pre-Teen Age

Twelve years ago, a pseudonymous ‘Satoshi Nakamoto’ mined the Bitcoin into existence, earning 50 BTC. Back then, it has no value; now, the block reward sits at an all-time high of $1,720,000.

Today is the commemoration of that first drill into a strange new world, and now is also the date it set its all-time high, $34,608. The genesis block will be the first of 664,324. Strangely, Nakamoto left a cryptic message in the block’s raw data:

”The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

It is a reference to the headline of an article from the January 2009 edition of The Times. Nakamoto says that Bitcoin is safe from the misdemeanors of large financial institutions that were at their worst in the 2007-2008 financial crisis, and it has escaped the governments that have to buy them out.

Bitcoin is different from the banks, says Nakamoto. Bitcoin’s price took a few years to take off, but at the end of 2017, there has been a considerable boom, reaching a high watermark of around $20,000. The price suddenly crashed in early 2018, screeching below $4000 by the end of the year with a $100B market cap.

Bitcoin’s price had recovered to around $10,000. But it has taken a pandemic to the global financial system hard enough for Bitcoin’s price to exceed its 2017 highs. In March 2020, Bitcoin crashed to lows of $4,300 together with international markets. It began to climb, slowly at the beginning and then to the all-time of over $34,000 today.

Bitcoin gained on the US dollar like a bulldog last year. A single US dollar is worth three thousand sats. A sat is worth 100,000 BTC.

The rise of the dollar is regularly associated with the endless whirring of machines printing US dollars to patch an economy collapsed by the pandemic. In October, the Fed had published over 20% of all US dollars in circulation.

And the Fed didn’t plan on stopping. Last month, it would only stop if unemployment and inflation sunk to the pre-pandemic levels – and that will take about three years. Traders interpreted that as an advertisement for Bitcoin.

In Bitcoin’s first seven months of existence, Satoshi Nakamoto mined as many as 1.1M Bitcoin. This amount is now worth an excess of $30B, remains asleep up until now.

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