Bitcoin’s seminal document celebrated its 17th anniversary, illustrating the evolution of the world’s first decentralized digital currency from a specialized financial initiative to a $2 trillion global asset embraced by governments and institutions.
The Bitcoin white paper was initially released by its creator, Satoshi Nakamoto, exactly 17 years ago on October 31, 2008, as a response to the global financial crisis.
Entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the document outlined a decentralized, peer-to-peer network designed to prevent double-spending through proof-of-work (PoW) consensus.
Related: ETFs will usher institutions into altcoins, just like Bitcoin: Analyst
Three months following the publication of the white paper, Nakamoto launched the largest decentralized network in existence by creating the genesis block of Bitcoin, receiving a reward of 50 Bitcoin (BTC).
Now, seventeen years later, Bitcoin has transformed into a multi-trillion-dollar asset, ranking as the eighth-most-valuable asset worldwide, right after silver and Amazon, per data from CompaniesMarketCap.
Related: Arthur Hayes calls for $1M Bitcoin as new Japan PM orders economic stimulus
Bitcoin price faces first red October in 7 years
Despite this significant milestone, Bitcoin is poised to record its first October monthly loss in seven years. BTC has decreased by over 3.5% this month, breaking a six-year streak of positive “Uptober” performances, according to data from CoinGlass indicates.
Historically known as “Uptober,” October has been Bitcoin’s second-strongest month, yielding average returns of 19.9%. The last instance of Bitcoin experiencing a loss in October was in 2018, when it dipped by 3.8%.
The unprecedented $19 billion crypto market crash resulted in Bitcoin’s price plummeting to a four-month low of $104,000 on October 17.
Crypto analysts interpreted the correction as a “controlled deleveraging,” deemed essential for eliminating excess leverage from the markets and establishing a more sustainable foundation for future growth.
Magazine: Mysterious Mr Nakamoto author — Finding Satoshi would hurt Bitcoin
