It was this day 12 years ago that Satoshi Nakamato, the pseudonymous creator of Bitcoin, released its white paper. However, Bitcoin HODLers have one more reason to celebrate today (and it has nothing to do with Halloween).
It was on 31 October 2008 that Satoshi released Bitcoin’s white paper, which was titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The original goal for Bitcoin was to be “a purely peer-to-peer version of electronic cash” that “would allow online payments to be sent directly from one party to another without going through a financial institution.”
This is how Satoshi anounced the release of this white paper on the Cryptography Mailing List:
1/ 10 years ago today (Fri 6:10pm 2008-10-31 UTC) Satoshi Nakamoto announced the creation of #Bitcoin to the cryptography mailing list. Satoshi's creation is the most important innovation to money (itself the most important good in any society) in a thousand years.
A thread ?? pic.twitter.com/22R1ZNMYE1
— Vijay Boyapati (@real_vijay) October 31, 2018
Well, this Saturday, Bitcoin HODLers have not only the 12th anniversary of Bitcoin’s paper to celebrate because, according to data from CryptoCompare, at 10:05 UTC the Bitcoin price reached the intraday high of $14,077. This was the first time that the BTC price has been above the $14,000 level since 15 January 2018, as you can see from the 24-hour and three-year BTC-USD price charts shown below:
Since then, Bitcoin has retraced a bit, and currently (as of 17:05 UTC on October 31), Bitcoin is trading around $13,823, up 2.11% in the past 24-hour period.
Although throughout most of the COVID-19 pandemic Bitcoin has behaved like a risk-on asset, Bitcoin’s performance as an asset during this month has been pretty impressive. Despite all the fear and uncertainty that Bitcoin has faced as the result of concerns over the second/third wave of COVID-19 (and the resulting lockdowns around the world, especially in Europe), fiscal stimulus talks in Washington, the upcoming U.S. presidential election, Bitcoin is currently on track to end this month up 28.24%.
Yesterday, angel investor Qiao Wang, a former Director of Products at Messari, had this to say about Bitcoin’s amazing resilience in the face of all of these challenges:
#BTC has been shrugging off 3 simultaneous narratives from the traditional market – election, covid, and stimulus – as well a bunch of crypto exchange FUD since September.
If you are not convinced we are in the early stage of a BTC bull market you've not been paying attention.
— Qiao Wang (@QwQiao) October 30, 2020
Featured Image by “PublicDomainPictures” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
