2009: The origins of Bitcoin

The invention of the Bitcoin currency (BTC) coincided with the invention of Bitcoin as a blockchain, and it was the first such currency in history.

“The unit of value (BTC) would not be possible without blockchain technology, but the Bitcoin blockchain has never been without currency,” said Robert Kongsdorf, CEO of Facings, a Michigan-based A state-based company that creates user-friendly blockchain releases tools.

The first price of Bitcoin was $0. The founder, who goes by the pseudonym Satoshi Nakamoto, famously published the Bitcoin white paper explaining how the new technology worked.

2010: The first “jump”

Bitcoin's first "big" jump occurred in the summer of 2010. The price went from a fraction of a cent in the spring to $0.09 in July. Outside of a very small niche of technologists and financial enthusiasts, few people knew enough about Bitcoin to buy the currency. By October 2010, the price was around $0.10.

2011: Bitcoin breaks $1

Bitcoin entered its first mini “bull market” in April 2011 when it topped $1. Over the next three months, it rose approximately 3,000%, peaking between $29 and $32 by June 2011 (depending on the source). By November 2011, the price bottomed again at $2.

The following year was uneventful. Bitcoin did not rebound in 2012, finishing the year between $13 and $14.

2012: Halving

Of course, in 2012, Bitcoin experienced its first halving, reducing the mining reward from 50 Bitcoins to 25 Bitcoins. This laid the foundation for its dramatic growth. However, the pattern of 80% to 90% corrections from record highs will continue to repeat itself in the future, even as more Bitcoin liquidity emerges.

2013: $13- $1,100

In 2013, EFF began accepting Bitcoin again, which was the strongest year in Bitcoin price history in terms of percentage gains. The cryptocurrency is up 6,600%.

Starting at $13 at the start of the year, Bitcoin's price rose to nearly $250 in April before correcting downward by more than 50%. Prices consolidated for about six months until another historic rally in November and December of that year, when prices peaked at $1,100.

This bull run pushed Bitcoin’s market capitalization past $1 billion for the first time. It would take more than three years for Bitcoin to hit $1,000 again. Bitcoin prices bottomed out in 2013 and are -85% below their all-time high.

2017: $1,100 – $20,000

Following the Bitcoin halving in July 2016, the price of Bitcoin surpassed the $1,100 mark in January 2017, setting a new high at the time. By December, the price soared to nearly $20,000. That’s a 20x increase in less than 12 months, and predictably declined in 2018 and 2019. Bitcoin won’t see the other side of $20,000 until late 2020.

2021-2022: An epic rise and fall

In August 2021, the price of Bitcoin hovered around $46,000, and by November 2021, BTC reached an all-time high of over $68,500.

Regardless, as of July 15, 2022, the price of BTC can be viewed through a few different lenses. One might note that BTC is currently priced at around $20,000, which is about 70% below its all-time high. Alternatively, one can take the long view of 2009 and calculate its astonishing growth in just 13 years.