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Celebrating Bitcoin’s 16th Birthday: A Look at Achievements in the Crypto Space
On January 3, 2009, when the pseudonymous Satoshi Nakamoto mined the genesis block of bitcoin,the bitcoin blockchain became a reality – a milestone widely seen as the beginning of the world’s first decentralized cryptocurrency.
Bitcoin has not only paved the way for digital currencies, but also profoundly influenced financial institutions and global economics. CME Group has worked with the industry to help institutions manage the risk and opportunities related to the remarkable developments in the crypto space these last 16 years, providing new product solutions as the market continues to grow.
A brief history
October 2008: “Bitcoin: A Peer-to-Peer Electronic Cash System” whitepaper released on Halloween, about making payments "without going through a financial institution."
January 2009: Genesis block mined, containing the following quote: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
March 17, 2010: First-ever recorded price of bitcoin at a value of $0.003.
May 22, 2010: First real-world transaction for purchase of goods: two pizzas for 10,000 bitcoin.
July 18, 2010: Mt. Gox, the first crypto exchange, was launched..
February 2011: Dark web Silk Road exclusively accepted bitcoin as payment, transacting ₿9.9 million (≅ $214 million). Bitcoin price rose to $30 in June and dropped to $2 by year-end.
November 28, 2012: First bitcoin halving event, setting stage for subsequent halving events.
March 28, 2013: Bitcoin’s market cap surpassed $1 billion for the first time.
First bitcoin ATM installed in Canada.
November 28, 2013: As media attention intensified and more merchants accepted bitcoin as payment, bitcoin topped $1,000 for the first time.
February 28, 2014: Bitcoin’s first real challenge: Mt. Gox exchange filed for bankruptcy after hackers stole 850,00 bitcoin (≅ $500,000,000 in value), underscoring security flaws and risks faced by investors.
