Seven wild moments from the turbulent story of Bitcoin

Bitcoin has had a fascinating and tumultuous journey since its inception, and recent events have only added to its storied history. Following the recent election victory of Donald Trump, the former President of the United States, the price of Bitcoin has surged to unprecedented heights, with some enthusiasts speculating that it could reach $100,000 per coin. This dramatic rise is particularly noteworthy given that just a few years ago, Trump referred to Bitcoin as a 'scam. ' Now, he has embraced the cryptocurrency, even accepting it as a form of donation for his campaign, raising millions from supporters in the process. This is just one of the many twists and turns in the captivating saga of Bitcoin, which has created and destroyed fortunes for countless individuals. Here are seven of the most remarkable moments in Bitcoin's history. 1. The enigma of Bitcoin's creator. Despite Bitcoin's immense popularity, the true identity of its creator remains a mystery. The concept of Bitcoin was first introduced in 2008 by an individual or group using the pseudonym Satoshi Nakamoto. They outlined a vision for a peer-to-peer digital cash system that would allow users to send virtual currency over the internet as easily as sending an email. Satoshi developed a sophisticated computer network that facilitated transactions and generated new Bitcoins through a decentralized network of volunteers worldwide. However, Satoshi's true identity has never been revealed, leading to much speculation and intrigue. In 2014, a man named Dorian Nakamoto was mistakenly identified as the creator, but this turned out to be a false lead. In 2016, Australian computer scientist Craig Wright claimed to be Satoshi, but after extensive legal battles, a judge ruled that he was not. Recently, a Canadian Bitcoin expert and a British man have also claimed to be the elusive creator, but the mystery remains unsolved. 2. The historic pizza purchase. Bitcoin is now the backbone of a multi-trillion-dollar cryptocurrency industry, but its first recorded transaction was for something as simple as pizza. On May 22, 2010, a programmer named Lazlo Hanyecz offered 10,000 Bitcoins for two pizzas on an online forum. A 19-year-old student accepted the offer, and this day is now celebrated as #BitcoinPizza day. This event not only marked a significant milestone in Bitcoin's history but also demonstrated its potential as a legitimate form of currency. However, in hindsight, Lazlo's decision to spend those Bitcoins looks regrettable, as they would now be worth hundreds of millions of dollars. 3. Bitcoin's legal tender status. In September 2021, El Salvador's President Nayib Bukele made headlines by declaring Bitcoin legal tender in the country. This meant that businesses were required to accept Bitcoin alongside the US dollar, which is the country's primary currency. The move attracted attention from Bitcoin enthusiasts and reporters, briefly boosting tourism in El Salvador. President Bukele hoped that this decision would stimulate investment and reduce costs for citizens when exchanging money. However, the adoption of Bitcoin did not gain the popularity he anticipated, and the US dollar remains the dominant currency in the country. Despite this, Bukele continues to advocate for Bitcoin, even planning to build a city called Bitcoin City to promote its use. 4. Kazakhstan's rise and fall in Bitcoin mining. In 2021, Kazakhstan emerged as a hotspot for Bitcoin mining, a process that involves solving complex mathematical problems to validate transactions and create new Bitcoins. The country attracted many mining companies due to its abundant and inexpensive electricity, primarily sourced from coal. Initially, the government welcomed these businesses, as they brought in significant investment. However, the influx of miners soon strained the electricity grid, leading to concerns about potential blackouts. In response, the government imposed restrictions and increased taxes on the mining industry, causing a decline in its growth. 5. The lost fortune in a landfill. Imagine having a Bitcoin wallet worth over $100 million and losing the hard drive that contains your login information. This is the unfortunate situation faced by James Howells from South Wales. He believes that his hard drive ended up in a landfill, and he has offered to donate a portion of his Bitcoin fortune to local charities if he is allowed to search the site. However, the local council has denied his request, leaving him in a state of despair. Howells described the moment he realized he might never recover his fortune as a 'penny dropping moment' filled with regret. 6. The downfall of the Crypto King. Sam Bankman-Fried, once a billionaire and a prominent figure in the cryptocurrency community, saw his empire crumble in a matter of days. As the founder of the cryptocurrency exchange FTX, Bankman-Fried was known as the Crypto King, with his company valued at approximately $32 billion. However, investigations revealed that FTX had been mismanaging customer funds, leading to Bankman-Fried's arrest in December 2022. He was later found guilty of fraud and money laundering, marking a dramatic fall from grace for the once-revered figure in the crypto world. 7. Institutional interest in Bitcoin. Despite the chaos surrounding Bitcoin, it continues to attract significant interest from investors and major corporations. In January 2024, several of the world's largest financial institutions began adding Bitcoin to their official asset lists as Spot Bitcoin ETFs. These investment products allow customers to invest in Bitcoin without directly owning it, leading to a surge of billions in investments. Companies like Blackrock, Fidelity, and GrayScale have played a crucial role in driving up Bitcoin's value to record highs. This development is seen as a significant milestone for the cryptocurrency, with many enthusiasts believing that Bitcoin is finally being recognized as a legitimate asset class. However, as the story of Bitcoin unfolds, it is likely that more wild moments are yet to come.