On February 9, 2024, it marked 13 years since Bitcoin first surpassed the $1 mark on the Mt. Gox exchange. This was a significant moment in the history of the first cryptocurrency, which was created in 2008 by an anonymous developer or group of developers under the pseudonym Satoshi Nakamoto.
Bitcoin began to be seen as an alternative to the traditional financial system and the banking sector. The first transaction between Nakamoto and developer Hal Finney took place in January 2009, and Bitcoin first appeared on an exchange in October. The New Liberty Standard exchange offered 1,309 coins for $1.
In 2010, the first payment in Bitcoin took place. On May 22, Laszlo Hanyecz bought two pizzas for 10,000 BTC. This day is now celebrated as Bitcoin Pizza Day by crypto enthusiasts around the world. As of now, the value of Hanyecz’s lunch has reached $238 million.
On February 9, 2011, Bitcoin’s price first reached $1. Within six months, the coin had increased more than 30 times in value—on June 8, the price on the Japanese Mt. Gox exchange hit $31.91. On June 19, the exchange was hacked, affecting 60,000 users. One of the hackers breached the exchange’s admin account and sent out thousands of fake bitcoins. As a result, the cryptocurrency’s price plummeted from $17.50 to $0.01. It took over a year and a half for the price to recover, finally returning to $31 by February 2013.
Since then, Bitcoin has experienced many highs and lows, attracting the attention of investors, regulators, and the public. Bitcoin has become not only a popular investment asset but also a recognized payment method. Bitcoin has changed the world of finance and technology, giving rise to the entire cryptocurrency and blockchain industry.