Bitcoin Surges 8,700,000,000% Since Pivotal Milestone

Bitcoin’s wild price fluctuations have captivated traders and investors for over a decade. It all began on October 5, 2009, when the first exchange rate for Bitcoin was established on the New Liberty Standard Exchange. According to Pete Rizzo, a prominent Bitcoin historian, the value of the cryptocurrency has skyrocketed by an astronomical 8,700,000,000% since that key event.

At that time, Bitcoin was worth less than a fraction of a cent. The initial exchange rate published by the New Liberty Standard valued 1,309.03 BTC at just $1. This rate was based on the cost of electricity required to mine Bitcoin using a computer.

The first known Bitcoin-to-USD transaction was made by Finnish computer scientist Martti Malmi, who sold 5,550 BTC for approximately $5 via PayPal. Back then, Bitcoin had not yet garnered much attention. During the cryptocurrency’s early days, Malmi managed to mine a total of 55,000 BTC. However, he sold his entire Bitcoin stash in 2012 when the price was under $30 per coin. The proceeds allowed him to purchase an apartment in Helsinki, and he liquidated the remainder of his holdings when he moved to Japan.

Malmi could have achieved billionaire status had he chosen to hold onto his Bitcoin. While he acknowledged that his decision was "regretful," he explained that making money was never his main focus. As the second-ever Bitcoin developer, Malmi noted that his fortune was an accidental outcome of Satoshi Nakamoto asking him to keep his node running to help others connect to the network.