How BTC Went From An Abstract Idea To A Household Name On Wall Street ⋆ ZyCrypto
The post How BTC Went From An Abstract Idea To A Household Name On Wall Street ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     As you may already know, late October 2008 was an extremely ugly time in the world of finance and money. Most famously, Lehman Brothers declared bankruptcy, and the global economy was teetering into recession. Governments and central banks were scrambling to contain the cataclysm. On Oct. 31, 2008, the Bitcoin white paper came out — now 16 years ago to the day. “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” pseudonymous Bitcoin creator Satoshi Nakamoto famously stated in the opening sentence while sharing the groundbreaking Bitcoin white paper with a cryptography mailing list before linking the document entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document described the concept of the decentralized P2P cash, which Satoshi called Bitcoin (BTC). On Thursday, the foremost crypto slid below the $71,000 mark, now trading 4% below the current all-time high of $73,737 it reached in March 2024. Still, Bitcoin’s current value is well above the fraction of a penny where it first started trading — and its ardent believers who invested early are insanely wealthy because of it. Advertisement   In the early days, mainstream media painted Bitcoin as just a tool for criminals to launder funds, sell drugs, and conduct other nefarious activities. However, that narrative has continued to evolve. Bitcoin is now increasingly being adopted around the world by nation-states such as El Salvador, which adopted BTC as a legal tender in September 2021. Wall Street titans, including BlackRock (the world’s largest asset manager) and its peers, have since launched easy-to-trade spot Bitcoin exchange-traded funds (ETFs) in the United States, which have brought in a flood of investment into the apex crypto. These ETFs recently smashed the 1 million BTC holdings milestone, further underscoring Bitcoin’s evolution from a niche…
Filed under: News - @ October 31, 2024 8:21 pm