Dearest Bitcoin,
As you turn 15, it's time to reflect on the incredible journey you have embarked upon in your short but legendary life. In a world dominated by traditional , centralized, and corruptible financial systems, you emerged as a disruptor, challenging the status quo and paving the way for a decentralized future. Despite facing skepticism and doubt and death more times than anyone can count, you have grown stronger, more resilient, and more secure with each passing year. Let's celebrate your 15 biggest milestones that have shaped your remarkable legacy. Note to Charlie Munger: Rat poison can’t hold a candle to these :)
For those just discovering that Halloween is also your birthday let’s remind them who you are. Bitcoin, you are a decentralized digital currency, created by an anonymous person or group known as Satoshi Nakamoto. You operate on a peer-to-peer network, allowing users to transact directly without intermediaries like banks. Your underlying technology, blockchain, ensures transparency, security, and immutability. There will only ever be 21 million of you ever mined into existence and more than 95% of that is already in circulation or lost permanently so you are truly a programmatic deflationary hard asset.
—-BORN OCT 31, 2008 by Satoshi Nakamoto—-
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Looking Back On the Milestones That Have Shaped Your Legacy Thus Far…
Genesis Block (2009): On January 3rd, 2009, you were born with the creation of the first block, known as the Genesis Block. This marked the beginning of a new era in finance. This is also now celebrated as “NotYourKeys…NotYourBitcoin” holiday by enthusiasts and Hodlers who remove their coins from hot wallets and exchanges into permanent cold storage to remind the world of the power of self-custody over one’s property.
Pizza Day (2010): On May 22nd, 2010, Laszlo Hanyecz made history by purchasing two pizzas for 10,000 Bitcoins. This became the first real-world transaction using you, Bitcoin.
Mt. Gox (2011): In 2011, Mt. Gox, the first major Bitcoin exchange, was launched. It played a crucial role in popularizing you and facilitating your early adoption.
Silk Road Shutdown (2013): The shutdown of Silk Road, an online marketplace for illegal goods, in 2013 highlighted the need for regulatory frameworks around cryptocurrencies.
Scaling Debate (2015-2017): The scaling debate surrounding the block size led to the creation of Bitcoin Cash in 2017, emphasizing the importance of consensus and community-driven decision-making. Mt. Gox also went defunct in this window causing a major crash in your price, but also proving for the first time you were resilient and hard to kill.
Institutional Adoption (2017): In 2017, Bitcoin gained significant attention from institutional investors, with the launch of Bitcoin futures on the Chicago Mercantile Exchange (CME).
All-Time High (2017): Bitcoin reached its all-time high price of nearly $20,000 in December 2017, capturing the world's attention and sparking a global interest in cryptocurrencies.
Lightning Network (2018): The Lightning Network, a second-layer solution built on top of the Bitcoin blockchain, was introduced in 2018, enabling faster and cheaper transactions.
Regulatory Developments (2019): Governments and regulatory bodies started recognizing the importance of cryptocurrencies, leading to the establishment of clearer guidelines and frameworks. You are a commodity (an asset without an issuer) and you are also nobody else’s IOU making you a truly unique asset in a class of your own compared to all other cryptos.
Halving Events (2012, 2016, 2020): The halving events, which occur approximately every four years, reduced the block reward for miners, ensuring a controlled and predictable supply of new Bitcoins.
PayPal Integration (2020): In 2020, PayPal announced its support for Bitcoin, allowing its users to buy, sell, and hold cryptocurrencies, further validating your importance in the mainstream financial landscape.
MicroStrategy's Bitcoin Investment (2020): MicroStrategy, a publicly traded company, made a significant investment in Bitcoin, signaling the growing acceptance of cryptocurrencies as a store of value.
Tesla's Bitcoin Purchase (2021): Tesla, led by Elon Musk, announced its purchase of $1.5 billion worth of Bitcoin, solidifying your position as a legitimate asset class.
Institutional Custody Solutions (2021): The emergence of institutional custody solutions provided a secure and regulated environment for institutional investors to hold and manage their Bitcoin investments.
El Salvador's Bitcoin Adoption (2021): El Salvador became the first country to adopt Bitcoin as legal tender, showcasing the potential for cryptocurrencies to empower individuals and economies.
BONUS: Your 15th year will be remembered as the year you got ETF’d by every major Wall Street shop and also the year where you will likely make yet another all-time high post-halving (2024) as you continue to spread your wings and provide hope for every single human on the planet looking for an incorruptible store of value and medium of frictionless and permissionless exchange.
In closing Bitcoin, as we celebrate your 15th birthday, I want to express my gratitude to Satoshi Nakamoto, the enigmatic creator(s) who brought you into existence and will go down as a true servant to all humanity and markets.. Your journey has been nothing short of extraordinary, and your impact on the world of finance is immeasurable. Here's to many more years of innovation, resilience, and empowerment. Happy Birthday, Bitcoin!
With gratitude, Chris J Snook
