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How did cryptocurrency rise in popularity? The history, most popular typ
es and where it is heading
Bitcoin has spawned an entire industry of crypto exchanges, digital wallets and trading apps – and now it has the attention of US presidents and the world’s biggest financial institutions
Anthony Cuthbertson
Created by the pseudonymous Satoshi Nakamoto on 3 January 2009, bitcoin has gone from a fringe experiment used by cryptographers, to the world’s seventh most valuable asset with a market cap close to $2 trillion.
It has minted thousands of millionaires, dozens of billionaires, and cost others life-changing fortunes. Bitcoin has also inspired more than 10,000 other cryptocurrencies and spawned an entire industry of crypto exchanges, digital wallets and trading apps.
So as bitcoin celebrates its Sweet 16, how did it get here, and where might cryptocurrency be heading?
The birth of bitcoin and cryptocurrency
Bitcoin came as a reaction to the 2008 financial crisis, with the first ever block of bitcoins containing a headline from that day’s edition of The Times: “Chancellor on brink of second bailout for banks”.