Bitcoin Turns 16: A Genesis Block To $100K Asset

Bitcoin marks its 16th Birthday on January 3, 2024, the day Satoshi Nakamoto mined the Genesis Block in 2009. Starting as a digital experiment, Bitcoin has evolved into a trillion-dollar asset and witnessed significant growth in recent years, establishing itself as a key asset in the financial world.

Key Milestones Over 16 Years

Bitcoin has achieved important milestones over the years, many of which have assisted in its expansion and growing popularity. In 2010, Bitcoin made its first real-world transaction when Laszlo Hanyecz purchased two pizzas for 10,000 BTC. The first real value for Bitcoin came in 2011, when it reached parity with the US dollar. By 2013, Bitcoin’s market capitalization surpassed $1 billion, signalling the beginning of its rise as a serious financial asset. Despite the collapse of the Mt. Gox exchange in 2014, Bitcoin continued to expand and in 2017, it entered the mainstream with a price increase of nearly $20,000.

With the institutional adoption of Bitcoin in 2020, it witnessed even more development. Major companies like MicroStrategy and Square began adding Bitcoin to their corporate reserves, positioning it as a hedge against inflation. By 2021, Bitcoin’s price reached a record high of nearly $69,000, solidifying its place in the financial world.

These pivotal moments marked Bitcoin’s evolution from a niche digital asset to a mainstream financial instrument, setting the stage for its monumental progress in 2024.

Bitcoin’s Record Highs in 2024

2024 has been a landmark year for Bitcoin, with the cryptocurrency reaching new all-time highs. Following fluctuations in the early months, Bitcoin surged to $73,664 in March, driven by positive market sentiment and growing adoption. For the first time in December 2024, the price of Bitcoin surpassed the $100,000 mark, fuelled by growing institutional interest and the influence of the U.S. election. Following that, Bitcoin reached its highest value ever, $108,000, on December 17, further cementing its dominance in the global financial system.

As of the afternoon of January 3, 2025, Bitcoin (BTC) was up by 1.36 per cent, trading at $96,602.30. Its 24-hour trading volume stood at $41.84 billion on CoinMarketCap by market capitalization.

Vedang Vatsa, Founder of Hashtag Web3, comments on Bitcoin’s 16th Birthday, stating, “Bitcoin’s 16th anniversary marks a concept that has stirred global conversation since its creation in 2009 by Satoshi Nakamoto. Often described as digital gold, Bitcoin has inspired praise for its financial potential and concerns over volatility and regulation, yet its influence on finance and technology is undeniable.”