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We all find it difficult to deal with the volatility of crypto and a bear market cycle. We quickly get demotivated, panic, and we are usually quick to withdraw our investments when the market is volatile. The only way to stay calm and keep our heads level is to understand the process of BTC price formation over the years since its inception in 2009.
A look at the history of BTC price has much to tell us about the process of cryptocurrency development. If we look back at BTC's appreciation journey to where it is now, it taught us that for any cryptocurrency to appreciate, it must go through the fire of crashing and dumping. It's in the process of dumping and crashing that the rising normally emerges.
I invite you to walk with me on the history trail from the point where BTC started to the price at the time of writing. I will attempt to provide a brief overview of some of the major events that may have contributed to the price of BTC we have today.
2008-2009, The Year Ideas Meet Innovation
On October 31, 2008, Satoshi Nakamoto wrote the whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” explaining in depth a trustless monetary system. BTC was released into circulation on the Bitcoin blockchain on January 3, 2009.
On this day Satoshi Nakamoto mined the first network block, often referred to as “the genesis block.” Unlike most standard blocks, Satoshi took the time to mark it with the text ‘The Times 03/Jan/2009 Chancellor on the brink of a second bailout for banks’. This was a mention to Times news during this period and interpreted to mean bitcoin was an alternative to the withering and disintegrating banking system.
There was not an actual usage of BTC at this time and its value was actually nothing. BTC's sole use at the time was so people could pass it back and forth to one another. There wasn't an ICO, folks just mined it on their PC. The price of bitcoin at the time was the cost of electricity to mine it.
Pizza BTC Experience of 2010
The real worth of any currency lies in the amount of goods and services it is able to purchase. If no one will accept the money then such is useless. BTC is currency, if no one would accept it then it will remain worthless. First exchange with BTC for actual goods occurred on May 18 thanks to Laszlo Hanyecz, the pizza enthusiast fellow. We all know about the Bitcoin pizza story but do not actually know how the event had happened.
The BTC pizza fiasco started on a Bitcoin forum, when Lazlo Henyecz, a software developer, requested to pay 10,000 bitcoins to anyone who could deliver to him two large pizzas. Another guy named Jeremy Strurdivant accepted the challenge and delivered two large pizzas to his door. This is the point where BTC real use case transaction was made for the very first time in Bitcoin history. The pizzas' price was $41 USD, this was paid to determine the actual value of BTC by slicing the $41 into 10,000 bitcoins. BTC then gained a beginning value of $0.0041. crazy right? Five years later, the 10,000 bitcoins were worth $2.4 million. umm! This is really interesting.
First crypto exchange born in 2010
The very first crypto exchange was launched in July 2010 by Mt. Girsox, a structured centralized platform for the trade of BTC. From there, BTC began to gain some prominence, rising from $0.0041 to $0.09 during the same month when the exchange started. In December of the same year, BTC would be trading at $0.23.
Bitcoin and Black Market
In the year 2011, BTC began gaining some significant usage, the primary cause of this being the underworld operations. Because of the anonymity of the transaction with BTC, it was welcomed very nicely by the black market as the payment option. That is where you get to learn about the Silk Road story of BTC. BTC was used in that period mainly for illicit business transactions. This is why cryptocurrency is still viewed as a means of sponsoring terrorists and other illegal business dealings today.
But this negative branding of BTC as a bad image could not stop its acceptable and rising price. BTC's price went up to $1 and a little more in February of the same year. BTC continued to rise and went up to $17 in June of the same year. The first crash was this same month when the very first exchange Mt.Gox got hacked and lost millions of dollars' worth of BTC. BTC plummeted to $0.1 following Mt.Gox announcement.
But BTC would come storming back later in the year to hit $0.29 to $26.15.
2012 to 2016, A Period of Transition
The downward phase of the first year in this period did not see much at this time. There was also another fall of BTC in the month of August in the year 2012 through a Ponzi scheme rug pull in which over 700,000 bitcoins were all stolen from the investors. The BTC lost nearly 56% in prices following the incident.
The initial Bitcoin halving was done on November 28, 2012. All people familiar with BTC would understand the significance of this. Nevertheless, the halving didn't really influence the price of BTC as BTC only managed to move between $3.88 as its low in that year and $13.47 at the end of that year.
2013 to 2016 are years of growth and volatility for BTC. 2013 was the rollercoaster year for BTC in so many aspects. It started at $13.30 and closed out the year at a record high of $770. There was always a trough and peak getting there.
2013 was the first ban in China, and it caused BTC to fall 50% during that December.
In 2014 BTC started out at a high of $770.44. a lot happened later in the year and in December but BTC only stood at $378.64.
2015 was a year that BTC stabilized as it just kept dropping, and by September BTC bottomed out to $227.34. r an g e 3 to 13
2016 would also be a milestone year for BTC as it underwent its second halving in July of the same year. Following the halving, BTC saw a massive bull run from $430 to $975 towards the close of the year.
The Period of Adoption, 2017-2019
The year 2017 kicked off the extensive rollout of BTC that resulted in extremely bullish activity. The network of Bitcoin expanded exponentially this year, thanks to mainstream media who continue keeping alive the narrative of increasing BTC price. Huge purchasing of BTC this year saw its price reach a record high of $19,783,06. This whirlwind buying concluded barely weeks following BCH fork. BTC price tanked by 50% that time.
2018 was BTC's bear market year. Following the mid-December crash due to the fork away effect of BCH, many speculators fueled BTC, and then BTC more or less bred throughout the year.
2019 was a correction year for BTC. BTC slowly made its way back to a five-digit figure in the later part of the year. This was the time when the majority of investors hedged their bets for a speculative bull run on the back of the anticipated halving in 2020. This is when the institutions and whales came into BTC.
2020-2021 The Bull Run Began
The entry of covid 19 in the world has positive as well as negative effects on BTC. As soon as the covid came BTC fell from $10,000 to $4,000 in one day. From there the market seems to have died. But BTC came back and hit a new high of $64,000 from there up to the month of November 2021. From there up to this present time you people know of it. So, I grant you permission to complete the story.
Major drivers to the explosive growth included institutional purchases by Microstrategy and Tesla.
Lessons from this summary of the history of BTC price are many. As a cryptocurrency investor, you can take one or two lessons from this story.
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