Bitcoin’s First Exchange Rate Set 15 Years Ago: A Look Back at Its Astonishing Rise
Bitcoin's wild price swings have intrigued investors and traders for over a decade. The first official exchange rate for the cryptocurrency was set on October 5, 2009, through the New Liberty Standard Exchange.
According to Bitcoin historian Pete Rizzo, Bitcoin’s value has skyrocketed by an astonishing 8,700,000,000% since that time.
At its inception, Bitcoin was worth only a fraction of a cent. The exchange rate, which valued $1 at 1,309.03 BTC, was based on the cost of electricity required to mine the cryptocurrency.
Finnish computer scientist Martti Malmi conducted the first recorded Bitcoin-to-USD transaction, selling 5,550 BTC for just $5 via PayPal. At the time, Bitcoin had yet to gain widespread attention.
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In Bitcoin’s early days, Malmi mined around 55,000 BTC, but sold his holdings by 2012 to purchase an apartment and fund his move to Japan, when Bitcoin’s price was below $30.
Despite the potential for massive wealth, Malmi expressed little regret, explaining that accumulating money was never his primary goal. His fortune was simply an unintended consequence of helping Bitcoin’s founder, Satoshi Nakamoto, maintain the network.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
