As a journalist, I have been following the rise and fall of Bitcoin since its inception in 2009. Bitcoin, created by the mysterious Satoshi Nakamoto, was initially seen as a revolutionary new currency that would disrupt the traditional financial system. However, over the years, Bitcoin has experienced extreme volatility, with its value fluctuating wildly and often unpredictably.
In 2011, the value of Bitcoin jumped from $1 to an all-time high of $32 in just three months, gaining 3200 percent. However, this was followed by a steep decline that brought the price down below $2 by November of the same year. The digital currency started looking up again in 2012 when it reached $4.80 on May 15th and $13 by Aug 15th.
Bitcoin’s value continued to fluctuate wildly over the years, another rally from October through December 2013 seeing Bitcoin go from $123.20 to almost $1,200. However, since about 2011, Bitcoin investors began to experience the volatility that Bitcoin would become renowned for.
Despite its volatility, Bitcoin continued to gain popularity, with the number of businesses accepting Bitcoin increasing over the years. In January 2017, NHK reported that the number of online stores accepting Bitcoin in Japan had increased 4.6 times over the past year. BitPay CEO Stephen Pair declared the company’s transaction rate grew 3× from January 2016 to February 2017, and explained usage of Bitcoin is growing in B2B supply chain payments.
However, Bitcoin’s journey has not been without controversy. In 2014, Mt. Gox, one of the largest Bitcoin exchanges, filed for bankruptcy after losing 850,000 Bitcoins, worth around $450 million at the time. The incident raised questions about the security of Bitcoin exchanges and the safety of investing in Bitcoin.
In recent years, Bitcoin has experienced a resurgence, with its value reaching an all-time high of $65,000 for just one Bitcoin in 2021. However, this was followed by a sharp decline, with Bitcoin’s value falling to around $30,000 in a short span of time.
The rise and fall of Bitcoin is a fascinating story that highlights the potential of new technologies to disrupt traditional systems, as well as the risks and challenges that come with investing in new and untested technologies. As a journalist, it is important to continue to follow the developments in the world of Bitcoin and other cryptocurrencies, and to report on them accurately and ethically.
