Today marks the 15th year since the inception of Bitcoin, an event marked by the mining of the first block, referred to as the ‘genesis block’, by its elusive creator, Satoshi Nakamoto. Since its initiation, Bitcoin has battled against a wave of cynics, skeptics, and hostility to emerge as one of the leading assets on a global scale. It’s important to note that while some consider October 31, 2008, the date of the Bitcoin whitepaper publication, as its birthdate, others pinpoint January 3, 2009, the date of mining the genesis block, as the actual birth of the groundbreaking cryptocurrency.
The first Bitcoin ATM was introduced five years post-mining of the first block, in October 2013, providing an alternate means for people to trade their local currencies for Bitcoin. Initially, Bitcoin ATM growth was staggered. However, an uptick in global acceptance of Bitcoin led to a rise in Bitcoin ATMs, peaking at approximately 40,000 in 2021. Despite a temporary dip in active ATMs due to geopolitical tensions and a downturn market in the following years, as of January 2024, nearly 34,000 Bitcoin ATMs are operating worldwide.
Meanwhile, Bitcoin continues to be mined fervently, with roughly 825,000 blocks mined to date. The capacity of mining Bitcoin as a sustainable business model and the security it provides for the Bitcoin network has retained interest from both individuals and corporations.
The journey of Bitcoin to mainstream acceptance hasn’t been smooth. However, nations grappling with hyperinflation were the first to recognize Bitcoin’s potential as a future currency. Leading this movement was El Salvador by establishing Bitcoin as a legal tender. In contrast, countries like China and Saudi Arabia continue to enforce restrictions on Bitcoin usage due to its capacity to decentralize financial control.
Despite the challenges, in its 15-year trajectory, Bitcoin’s market capitalization stands close to an astounding $900 billion today. From the time when 10,000 BTC were spent on just two pizzas, Bitcoin has rewritten its narrative to being accepted by businesses of all kinds, from real estate and concert tickets to education and vacations. As of January 2024, Bitcoin is the world’s 9th most valuable asset, a significant leap from its initial stages, with predictions indicating it could rank among the top three by 2025.