Crypto AUD Prices: The Biggest Bitcoin Moments in History
In the vast world of cryptocurrencies, none have transformed the world of finance quite like Bitcoin. Since its inception in 2009, Bitcoin has been on a wild rollercoaster ride, with not only Bitcoin prices fluctuating significantly but other crypto prices following suit.
Despite these ups and downs, Bitcoin has withstood the test of time. As of 2023, it’s estimated that over 100 million people around the world use Bitcoin – an incredible milestone in the history of finance.
However, while you may be familiar with Bitcoin, you may still be wondering: how did we get here? What have been some of the biggest moments in the history of Bitcoin prices? How much is one Bitcoin now?
You’ve got the questions. We’ve got the answers.
In this guide, we walk you through the history of Bitcoin throughout the years, from its inception to some of its major peaks and most fascinating moments.
The Beginning: How Bitcoin Came onto the Scene
The year was 2009. Little did we know, money as we knew it was about to change forever.
In January of that year, an individual or group under the pseudonym Satoshi Nakamoto launched Bitcoin. Over a decade later, the identity/identities of Satoshi Nakamoto have never been discovered.
According to Yahoo! Finance, The New Liberty Standard Exchange documented the first-ever exchange of Bitcoin in late 2009. Users traded 5,050 bitcoins for approximately $5.02 via PayPal; this marked the first price transferred through an exchange platform. So, how much was one Bitcoin at this time? A bargain price of $0.00099 per Bitcoin. That’s right – as of late 2009, one Bitcoin was worth less than a cent.
The World’s Most Expensive Pizzas
In 2010, we saw one of the biggest pieces of crypto news: the first-ever Bitcoin purchase. A Florida-based man named Laszlo Hanyecz bought two Papa John’s pizzas for more than 10,000 Bitcoins – a sum that would be worth over AUD 452 million as of July 2023.
Sure, Bitcoin’s price at the time wouldn’t have been anywhere close to this amount. But this purchase is recorded as the first time Bitcoin was exchanged for real-world goods, making it a pretty epic moment in its history.
Bitcoin Cracks the $1,000 Mark
Over the next few years, Bitcoin saw some highs and lows – but 2017 would soon become one of its biggest years yet.
The price of Bitcoin reached USD 1,000 in early 2017 and spent the first few months of the year fluctuating between $1,000 and $2,000.
However, in the latter half of the year, things took a turn upward. In September, a single Bitcoin was worth roughly $4,000. By October, it had increased to $5,000. By early November, Bitcoin had breached the $7,000 mark. It eventually skyrocketed in December 2017, reaching a peak of $19,000 per coin.
Bitcoin’s Market Value Reaches $1 Trillion
On 19 February 2021, Bitcoin hit a major milestone, breaking serious ground in the world of crypto news. On this date, Bitcoin hit $1 trillion in global market value for the first time ever.
The surge came after several institutional investors and high-profile financial companies entered the Bitcoin space, supporting the cryptocurrency like never before. Some of the most notable companies included MicroStrategy, Square and Tesla, which all started using their balance sheets to purchase Bitcoin.
Bitcoin Becomes Legal Tender in El Salvador
In June 2021, another huge piece of crypto news graced headlines around the globe. El Salvador President Nayib Bukele announced his intention to make Bitcoin legal tender in the country, an unprecedented move since Bitcoin’s inception. Later that year, the idea became a reality when the legislation came into effect on 7 September 2021.
This means that, while the use of Bitcoin is still optional for individuals, it is mandatory for businesses and firms to accept it as a payment for goods or services.
“If you go to a McDonald’s or whatever, they cannot say we’re not going to take your bitcoin, they have to take it by law because it’s a legal tender,” said President Bukele.
The decision made El Salvador the first-ever nation to accept Bitcoin as legal tender, with the Central African Republic following suit in 2022. While it’s too soon to tell, it’s believed that many other countries could do the same in the coming years, creating a historic domino effect.
Bitcoin Prices Reach an All-Time High
After years of fluctuations, Bitcoin’s price reached its all-time high in November 2021, at a peak price of over USD 65,000 (over AUD 93,000).
The spike was largely linked to the fact that the first-ever Bitcoin ETF made its debut on the New York Stock Exchange (NYSE) around this time. The ETF was launched by ProShares and it appeared on the NYSE as BITO.
Bitcoin’s Role in Humanitarian Relief
In early 2022, Bitcoin proved that its functions went far beyond everyday transactions.
Following the Russian invasion of Ukraine, the Ukrainian government began accepting cryptocurrency donations for humanitarian relief. A Twitter account belonging to the Ukrainian government announced the move and solicited donations. It was an unprecedented move from the nation, one that came after the country’s central bank suspended digital money transfers through platforms like PayPal and Venmo.
In a matter of days, the nation received over USD 54 million in crypto donations, with approximately $17 million of this coming in the form of Bitcoin donations.
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