Satoshi Bitcoin Statement at $0.07 Rings True Even Now: Details
Bitcoin historian Pete Rizzo recently revisited a profound statement by the pseudonymous creator of Bitcoin, Satoshi Nakamoto, that still resonates with the cryptocurrency community today.
In a tweet, Rizzo highlighted this significant piece of Bitcoin history, taking the community back to the early days of Bitcoin. Rizzo shared Satoshi’s statement, which dates back to nearly 14 years ago: “If you dont believe it or dont get it, i dont have time to try to convince you, sorry.”
✨ Satoshi Nakamoto on #Bitcoin at $0.07, exactly 14 years ago.
Believe it 🚀 pic.twitter.com/M4N1JQWRjR
— The Bitcoin Historian (@pete_rizzo_) July 28, 2024
At that time, Bitcoin was a nascent and obscure digital asset, largely dismissed by mainstream financial institutions and the public and traded at nearly $0.07.
However, Satoshi’s words were a clear indication of his vision and conviction. Rather than convincing skeptics, Satoshi focused on building and improving the Bitcoin network, allowing its success to speak for itself.
Bitcoin has come a long way since that statement. From a mere $0.07, Bitcoin’s price has soared to tens of thousands of dollars, garnering interest from financial institutions and governments worldwide. Its rise has been accompanied by increased adoption, technological advancements and a thriving community.
At the time of writing, BTC was up 3.1% in the last 24 hours to $69,474, having reached an all-time high of nearly $74,000 in mid-March.
Bitcoin continues to outshine criticism
Even today, Satoshi’s statement remains validated. The cryptocurrency industry continues to face skepticism and criticism, particularly for new projects and developments, which are frequently met with uncertainty. Nonetheless, the community has a strong emphasis on building.
In a recent incident, Bitcoin critic and gold bug Peter Schiff was taken aback when 87% of over 11,000 Bitcoin holders who responded to his poll on X said they would not sell any of their Bitcoin even if the price collapsed over 99% to $120. Not only did they claim they would not sell but that they would keep buying more even on the way down.
Schiff, who continues to criticize the value proposition of Bitcoin, surprisingly admitted that “the main sell point for investors to buy Bitcoin is its great track record of past performance” and that “it doesn’t matter how much money one loses on Bitcoin, it still fixes everything. It’s digital gold no matter how low the price falls.”
