Bitvalex Academy

Were the 2010s the decade of Bitcoin?

It’s official, we’ve ducked into the new decade and have wrapped up ten years of Bitcoin. When Satoshi launched Bitcoin back in 2009, many doubted it would last ten days, much less 3,650 days (the number of days in a decade, FYI). 

So, here we are, but what of it? If you’ve been paying attention - or, better yet, if you’ve been along for the ride, then you’ll know that BTC had a wild decade. Without further ado, let’s have a look at the biggest moments of the Bitcoin Decade.

1. Bitcoin Pizza

On May 22, 2010, Laszlo Hanyecz famously paid 10,000 BTC for two pizzas delivered by Papa John’s. In today’s prices, that’s somewhere north of $70 million.

While we love to poke fun at Hanyecz for getting two pizzas instead of early retirement, the episode has highlighted the immense rise of Bitcoin’s value. 

Back in 2010, two Papa John’s pizzas really did cost 10,000 BTC, whereas now you can buy them for 0.0027 BTC. Was Bitcoin a good investment during the 2010s? Ask anyone except Hanyecz, and the answer will be a resounding yes.

2. Mt. Gox Erupts

Around mid-decade, Mt. Gox was processing nearly all the Bitcoin exchange traffic that was out there. The early cryptocurrency exchange founded by Jed McCaleb put competitors to shame and captured so much revenue that it was instrumental in fueling BTC’s rise in value.

However, in early 2014, the company made public the news that it was not only closing its doors but had also lost approximately 850,000 BTC. For reference, that’s over $6 billion today. Early BTC adopters lost entire fortunes, and the event cut Bitcoin’s market value in half.

It took the market three years to recover, but once it finally did in 2017, Mt. Gox was nothing but a distant memory.

3. Bitcoin Goes on a Bull Run

In 2017, Bitcoin did something very few saw coming - it went on a historic bull run of previously unseen proportions. Now, let’s get something straight. There are bull runs, and then there are face-melting moon runs. What BTC did in 2017 was definitely the latter.

At the beginning of 2017, BTC was being kicked around for just under $900. By December of the same year, it had peaked at a hair under $20,000 in a ludicrous 20x year that put other asset classes to shame.

4. Jamie Dimon Hates on Bitcoin

Bitcoin likes to run against the trend. So, when JP Morgan CEO Jamie Dimon called Bitcoin a fraud on September 12, 2017, the market responded in kind by propelling BTC to higher heights.

If there’s one thing that makes the number one cryptocurrency look good, it’s establishment players trying to make it look bad. After Dimon’s controversial comments, most major financial players did an about-face by opening crypto trading desks and launching BTC financial instruments. In fact, in the beginning of 2018 Dimon said he regretted calling Bitcoin a fraud and praised the Blockchain technology behind it.

5. POTUS Tweets About Bitcoin

In a few short years, Bitcoin went from being an underground mode of payment and awesome internet meme to being tweeted about by world leaders, including none other than Donald Trump. 

Funnily enough, Trump’s Jul 12, 2019 tweet dismissal of BTC was seen as a majorly bullish moment by the libertarian cryptorati.

Well, with Bitcoin’s first eventful decade officially under wraps, we’re just curious about what the next one will bring. We hope to write the 2030s summary from the moon - as long as BTC keeps up its current trajectory, it’s sure we will.

Stay updated on everything Bitcoin-related with BitvalexBitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.

Trade crypto with Bitvalex

Buy and sell BTC, ETH, BCH and LTC with EUR and USD аt great rates. EU-licensed Bitvalex supports SEPA, SWIFT, debit and credit cards, as well as AdvCash transfers. Sign up now and be one of the first to get a prepaid Bitvalex Mastercard!

Sign up

Leave a Comment