The Bitcoin Journey

The Bitcoin Journey – From Whitepaper to Global Asset

June 16, 2025

Bitcoin's rise from an obscure whitepaper to a trillion-dollar financial asset is one of the most significant technological and economic shifts of the 21st century.

This timeline walks through the key milestones that have shaped the Bitcoin story – from its cryptographic origins to its current role in global finance.

2008

The Whitepaper That Started It All

In October 2008, an individual or group under the pseudonym Satoshi Nakamoto published the now-famous Bitcoin whitepaper:

“Bitcoin: A Peer-to-Peer Electronic Cash System.”

This nine-page document outlined a revolutionary idea: a decentralised digital currency, secured by cryptographic proof rather than trust in financial institutions. It laid the theoretical foundation for a new form of money – one not controlled by governments or banks.

2009

Bitcoin Network Launches with the Genesis Block

On January 3, 2009, the Genesis Block (Block 0) was mined by Satoshi. Embedded in the block’s code was a timestamped message:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Referencing a UK bank bailout headline – a subtle but powerful commentary on the fragility of traditional finance. This marked the official birth of the Bitcoin blockchain and the beginning of a new financial paradigm.

2010

Pizza for 10,000 BTC

On May 22, 2010, developer Laszlo Hanyecz made the first known commercial transaction using Bitcoin, buying two pizzas for 10,000 BTC. Today, this transaction is celebrated annually as Bitcoin Pizza Day – a reminder of Bitcoin’s humble beginnings and early experimentation with value.

2011

The First Bitcoin Exchange and a $1 Milestone

Mt. Gox, originally a trading platform for game cards, became the first major Bitcoin exchange in 2011. That same year, Bitcoin reached parity with the US dollar – trading at $1 for 1 BTC. This milestone marked the beginning of Bitcoin's entry into the broader financial world.

2012

The First Bitcoin Halving

Bitcoin’s protocol includes a feature that reduces mining rewards by half approximately every four years. This first halving reduced rewards from 50 BTC to 25 BTC per block, reinforcing Bitcoin’s deflationary and scarcity-based model.

2013

Regulatory Spotlight Following Silk Road Closure

Bitcoin gained mainstream media attention when the FBI shut down Silk Road, an online black market that used Bitcoin as its primary currency.

While this event raised concerns over Bitcoin’s potential misuse, it also triggered increased awareness and regulatory discussions.

2014

Mt. Gox Hack Shakes Confidence

In one of the most infamous events in crypto history, Mt. Gox – then handling around 70% of global Bitcoin transactions – suffered a devastating hack, resulting in the loss of over 850,000 BTC – worth over $400 million at the time. The incident exposed major vulnerabilities in centralised exchanges and led to greater calls for security, transparency, and user control.

Lesson learned: Not your keys, not your coins.

The need for better crypto security became crystal clear.

2015

Enter Ethereum – A New Blockchain Era

While Bitcoin remained the king of digital gold, a new contender stepped onto the scene – Ethereum. With smart contracts and DApps, Ethereum showed the world that blockchain wasn’t just about currency – it could be a programmable ecosystem.

2017

Bitcoin Goes to the Moon (Temporarily)

Bitcoin saw explosive growth in 2017, reaching an all-time high of over US$20,000 in December. Institutional interest surged, and Bitcoin futures began trading on major US exchanges. Meanwhile, disagreements over scalability led to the Bitcoin Cash hard fork, creating a new blockchain with different technical parameters.

2020

The Pandemic & the Third Halving

As COVID-19 shook global economies, Bitcoin proved resilient. The third halving slashed block rewards to 6.25 BTC, while investors started viewing Bitcoin as digital gold – a hedge against inflation.
Wall Street began to take notice.

2021

Institutional Adoption and $1 Trillion Milestone

In early 2021, Bitcoin’s market capitalisation surpassed US$1 trillion for the first time. Major corporations like Tesla, Square, and MicroStrategy added Bitcoin to their balance sheets. The price climbed to a new all-time high of over US$68,000 reflecting growing confidence from both retail and institutional investors.

2022 - 2023

Crypto Winter and Market Reckoning

The euphoria faded in late 2022 as the crypto industry faced a wave of challenges. The high-profile collapse of FTX – once seen as a trustworthy exchange - sparked a broad loss of confidence, wiping out billions in value. Bitcoin fell below US$16,000 and regulatory scrutiny intensified globally.

2024

Recovery and the Fourth Halving

In April 2024, Bitcoin’s fourth halving reduced rewards to 3.125 BTC per block. With improved regulation, renewed institutional interest, and the continued expansion of the Lightning Network, Bitcoin gradually regained stability. Financial products like spot Bitcoin ETFs made it easier for mainstream investors to gain exposure, and adoption continued to grow – particularly in emerging markets.

2025

Bitcoin Today – A More Mature Asset Class

Now in 2025, Bitcoin is bouncing around the US$100,000 mark (give or take), and the ecosystem is far more stable. Adoption is growing in developing economies, and the Lightning Network is making Bitcoin payments faster and cheaper. Meanwhile, Bitcoin is quietly becoming the digital bedrock of a more open global financial system.

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