search
Homeweb3.0Bitcoin (BTC) Turns 13, Has Been up About 3,000,000% Since The Economist Wrote It Off

Pete Rizzo, a prominent Bitcoin historian, has noted that it has been exactly 13 years since The Economist, one of the most famous business media outlets

Bitcoin (BTC) Turns 13, Has Been up About 3,000,000% Since The Economist Wrote It Off

In an interesting development, Pete Rizzo, a prominent Bitcoin historian, has highlighted that it has been exactly 13 years since The Economist, one of the most famous business media outlets, wrote off the cryptocurrency in its now-infamous article.

The article, which was published on Oct. 21, 2011, claimed that Bitcoin was “in trouble” after it tanked below $3 from its peak of $33.

The very first Bitcoin bubble emerged back in June 2011 largely thanks to Gawker, a now-defunct American pop culture website. The cryptocurrency got on everyone’s radar after Gawker covered the launch of the infamous Silk Road dark web marketplace. Around the same time, some of the first cryptocurrency exchanges went live, which made it a lot easier for the average person to buy Bitcoin.

However, those who rushed to join the Bitcoin bandwagon were then greeted by a steep price crash. In December 2011, it then crashed to just a little over $2, dealing a heavy blow to the early adopters of the original cryptocurrency.

The article published by The Economist stated that the reason behind the Bitcoin crash was unclear. At the same time, it went on to describe the very first Bitcoin frenzy as a “speculative bubble.”

Needless to say, the article has not aged particularly well. Bitcoin ended up becoming the best-performing asset of the 2010s while also laying the foundation for a new asset class that has since grown into a multi-trillion-dollar industry.

At press time, Bitcoin is trading at $67,121, according to CoinGecko data. Earlier this year, the cryptocurrency peaked at nearly $74,000.

Rizzo has estimated that Bitcoin is up roughly 3,000,000% since the article was published 13 years ago.

The above is the detailed content of Bitcoin (BTC) Turns 13, Has Been up About 3,000,000% Since The Economist Wrote It Off. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools