Bitcoin at 16: From experiment to trillion-dollar asset
2024-10-31

Bitcoin’s foundational document, the white paper written by its creator, Satoshi Nakamoto, has turned 16.
On Oct. 31, 2008, Nakamoto shared the “Bitcoin: A Peer-to-Peer Electronic Cash System” white paper with a cryptography mailing list, proposing a decentralized, peer-to-peer network capable of preventing double-spending through proof-of-work consensus.
Just three months later, Nakamoto mined Bitcoin’s first block, known as the genesis block, rewarding 50 Bitcoin BTCUSD, and launched what is now the world’s largest cryptocurrency network.
Sixteen years later, Bitcoin has reached a market value of over $1.42 trillion, making it the 10th largest asset globally, according to CompaniesMarketCap.
Days ahead of the white paper anniversary, Bitcoin’s price climbed to a seven-month high above $73,600, coming within $200 of a new all-time high, which some analysts expect to occur after the US presidential election.
Bitcoin: becoming a new “digital gold” for institutions in just 16 years
Bitcoin’s growth has been boosted by investor confidence and institutional adoption for its role as a store of value, according to Mithil Thakore, co-founder and CEO of Velar. 
Velar told Cointelegraph:
Bitcoin’s maturity, according to Thakore, is evident through rising long-term holdings by institutions, deeper integration with traditional financial markets and growing adoption as an inflation hedge.
Highlighting institutional interest, the world’s largest asset manager, BlackRock, surpassed $30 billion in Bitcoin holdings through its spot Bitcoin exchange-traded fund (ETF) on Oct. 30.
Bitcoin ETFs have increasingly attracted attention, underscoring Bitcoin’s transformation from a niche digital currency to a major financial asset.
Bitcoin is the best currency for “financial freedom,” says Tether CEO Paolo Ardoino
Bitcoin has grown to become the world’s best currency, according to Paolo Ardoino, the CEO of Tether, the world’s largest stablecoin issuer.
Speaking exclusively to Cointelegraph at Plan B Lugano in Switzerland, Ardoino said:
Bitcoin, Ardoino added, offers unique value as an alternative to traditional fiat currencies facing inflation pressures, calling it the “ultimate option for financial freedom” in a volatile economic landscape.
Tether’s Paolo Ardoino, interview with Cointelegraph’s Zoltan Vardai, clip. Source: YouTube