Oct. 6 marks the anniversary of the first time a bitcoin user calculated the price of a bitcoin, an indication of their willingness to buy or sell the digital currency.
On this day 14 years ago, the price of Bitcoin was born.
As Bitcoin historian Pete Rizzo noted in an article published today on X, “October 6th marks the anniversary of the first public dollar price estimate of Bitcoin by an anonymous early Bitcoin user, NewLiberty Standard.”
At the time, NewLiberty Standard was a home miner who specifically used electricity prices to calculate the exchange rate, taking into account the cost of powering his PC while he was mining coins with little competition.
At the time, he concluded that "1,309 bitcoins are worth $1, which means that $1 can buy 26 blocks of bitcoins."
This calculation marks the first time that the price of Bitcoin has been above zero. As Rizzo points out, Satoshi never gave a price for Bitcoin, nor, as far as we know, proposed buying or selling Bitcoin in U.S. dollars.
The date is noteworthy because since then, Bitcoin, the world’s first cryptocurrency, has achieved an astonishing milestone, with its price surging by more than 3,600,000,000%.
Today, Bitcoin has become a household name, a symbol of financial innovation, and a store of value.
It has survived numerous ups and downs, regulatory challenges, and market cycles to become a resilient and highly sought-after asset, with the exponential growth in Bitcoin’s price a testament to its unique functionality and value proposition.
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
Agency: Kepler Research
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