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Bitcoin (BTC) began as an open-source experiment by the mysterious Satoshi Nakamoto to mine the genesis block, laying the foundation for a financial system that does not rely on banks or central institutions.
More than fifteen years later, the experiment is no longer just a technical idea. Instead, it has become a global financial phenomenon, going through phases of severe booms and painful contractions, subject to increasing political scrutiny, and becoming intertwined with the traditional financial system.
Today, Bitcoin’s importance lies in more than price movement: its ability to adapt to changing narratives.
It ranges from technical curiosities for enthusiasts, to tools for protest against the banking system, to global financial assets influenced by macroeconomics, major institutions and policymakers.
The story begins with the mining of the first block on January 3, 2009. In its early years, Bitcoin was a proving ground for technology enthusiasts, as evidenced by the famous incident in 2010 when programmer Laszlo Haniecz bought two pizzas for 10,000 Bitcoins.
However, the impact of the 2008 global financial crisis changed perceptions of the currency, as its decentralized nature and limited cap of 21 million units attracted those who had lost faith in traditional banking institutions, with slogans such as “Don’t trust, verify” becoming headlines for a growing intellectual movement.
This momentum was severely tested in February 2014, when the “Mt. Gox” platform collapsed and lost approximately 850,000 Bitcoins, which revealed that decentralization at the network level does not necessarily mean the security of surrounding services, and reiterated the importance of self-protection and risk management.
What followed were several years of dramatic ups and downs. The 2017 boom attracted widespread public interest and new investors, while the subsequent pullback drove the community to refocus on long-term technology building.
After 2018, decentralized finance (DeFi) platforms showed new possibilities for intermediary lending and transactions. However, between 2021 and 2023, entities such as Terra, Celsius, and FTX experienced major collapses, posing a new impact on the market.
Although these events are serious, they help drive greater maturity in the industry, a greater focus on regulation and more realistic risk assessments.
Currently, Bitcoin’s development path is increasingly intertwined with global politics and traditional finance.
Major companies have begun to treat digital currencies as a separate asset class, and the custody services and investment products related to them are also expanding.
Some politicians, such as Donald Trump, have also shifted from critical stances to public support, bringing digital assets into the center of political debate and tying their prices to news cycles and public policy.
This consolidation is reflected in market movements, as Bitcoin often moves in parallel with traditional indicators such as the S&P 500 and is affected by geopolitical events and Federal Reserve decisions, which Santiment sees as a fundamental shift from the idea of independence from the earliest days of currency.
However, the company believes that the essence of the idea of individual sovereignty on which Bitcoin is based remains, particularly in countries suffering from currency instability or capital constraints.
While the market has matured, the appeal of decentralized and cross-border monetary systems remains, meaning the experiment that began with ordering digital pizza is far from over.
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