Crypto fans everywhere are wishing bitcoin – the world’s number one digital currency by market cap – a happy birthday, as just a few weeks ago, the beloved asset turned 14.
Bitcoin Is 14 Years Old
Bitcoin’s whitepaper was officially introduced on Halloween of 2008, but it wasn’t until January of 2009 that the currency began getting mined and added to blockchain circulation. While the whitepaper may have been the asset’s first real introduction to the world, many see that first instance of mining as bitcoin’s true birthing moment, which is why so many choose to celebrate in January rather than in October.
Bitcoin has been declared dead hundreds of times since it first came to fruition. Its rise to the top has been long, hard, and tumultuous as we’re still seeing today. Look, for example, where bitcoin was when November of 2021 came about, and look at where the currency is now. In the former period, the asset was trading at a new all-time high of about $68,000 per unit. Everyone felt that the asset was on top of the world and could never be removed from its position.
However, this clearly wasn’t the case as we’re now witnessing in full view. Once 2022 came into play, bitcoin was battered by bearish conditions that ultimately caused it to fall rapidly and lose more than 70 percent of its overall value. The currency ended the year trading in the mid-$16,000 range, a huge dip for what was once considered the most powerful investing tool of its time.
Bitcoin has also been hurt by a wide number of external factors, a big one being fraud and criminal activity which littered 2022. Examples include the fall of popular digital currency exchange FTX. At the time of the company’s collapse, bitcoin appeared to be trying to make a comeback. The currency was trading for just over $20K, but once the news sprung forward that FTX was crashing and burning, it dropped by several thousand dollars.
While it’s easy to assume bitcoin is done for and the crypto space has had its run, one can see that the currency is only battered – not beaten. BTC, for all it has been through, has surpassed some tough barriers and gotten through some rough tests, and it’s come out relatively strong on the other end.
The Currency Is Still Here
Bitcoin is down for the count after all the negative events of the previous 12 months, though it has retained some of its inner power. It’s not like the currency has disappeared altogether; it’s still here, which means it still has enough juice in its tank to put up a fight, and it’s not like bitcoin hasn’t made comebacks in the past.
Let’s all wish BTC a happy birthday and hope for the best in 2023!
Source: https://www.livebitcoinnews.com/happy-birthday-bitcoin-is-now-14-years-of-age/