U.Today – Historian Pete Rizzo has shared a statement believed to have been made by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, dated June 22, 2010. In this statement, Satoshi laid the foundation for understanding Bitcoin’s intrinsic value.
Fourteen years ago, Satoshi Nakamoto explained why Bitcoin has value despite being priced in cents. This was at a time when Bitcoin was still in its infancy and was trading at just $0.07.
Pete Rizzo recently revealed this historic statement by sharing a screenshot of the words of the anonymous creator of BTC.
Satoshi’s statement reads as follows: “Bitcoin has value because it is accepted as payment by many. Bitcoin can be said to be ‘backed’ by the prices of merchants and currency exchanges – the price is a promise to exchange goods for a certain amount of currency.”
Satoshi’s statement echoes 14 years later
Fourteen years later, Satoshi Nakamoto’s statement about Bitcoin’s value still rings true. Bitcoin has gone from just $0.07 to tens of thousands of dollars.
The price of bitcoin reached a record high of around $74,000 in March on expectations of sturdy demand from US ETFs.
Since Satoshi’s statement, Bitcoin’s popularity as a payment method has increased significantly.
In the early days of Bitcoin, probably from 2009 to around 2012, merchant adoption was almost non-existent due to lack of awareness and infrastructure. The first real-world Bitcoin transaction occurred in 2010, when a BTC holder purchased two pizzas for 10,000 BTC, which is now considered Bitcoin Pizza Day.
This narrative has gained momentum as merchants increasingly adopt cryptocurrencies, indicating a growing preference for digital currency payments as a viable alternative to conventional methods.
At the time of writing, BTC price is up 1.30% in the past 24 hours, reaching $67,846, according to CoinMarketCap data.
