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The original blueprint of Bitcoin, penned by creator Satoshi Nakamoto, has turned 16. From its inception on October 31, 2008, outlining a cashless, peer-to-peer network preventing double-spending, Bitcoin has grown to a $1.42 trillion asset. As it celebrated its 16th anniversary, Bitcoin set a seven-month price high of over $73,600. The cryptocurrency has evolved into a global cash alternative endorsed by big establishments and investors. It’s viewed as an inflation hedge with significant investments by large institutions like BlackRock’s Bitcoin ETF. Tether CEO Paolo Ardoino called Bitcoin the “ultimate option for financial freedom”.

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Guess what? The original blueprint of Bitcoin – the document written by its mysterious creator, Satoshi Nakamoto, has just turned 16!

It started way back on October 31, 2008, when Nakamoto shared the “Bitcoin: A Peer-to-Peer Electronic Cash System” document with a group of cryptography enthusiasts. This document introduced the idea of a cashless, peer-to-peer network that could prevent double-spending, a revolutionary concept at the time.

Just a few months later, Nakamoto kick-started the global cryptocurrency network by mining Bitcoin’s very first block (often referred to as the genesis block). He was rewarded with 50 Bitcoin (BTC) for his effort.

Fast forward to the present, and Bitcoin now boasts a whopping value of over $1.42 trillion. This makes it the tenth largest asset around the world, according to the CompaniesMarketCap tracker.

Just before hitting its sweet 16, Bitcoin’s price decided to celebrate by climbing to a seven-month high above $73,600, a stone’s throw from achieving a new record high.

Over the last 16 years, Bitcoin has grown exponentially, with more investors and big establishments recognizing its potential. According to Mithil Thakore, co-founder and CEO of Velar, Bitcoin has evolved from a digital experiment into a global cash alternative that rivals traditional stores of value, like gold.

Long-term backing by large institutions and wider integration with customary financial markets has accelerated Bitcoin’s popularity. Plus, it’s increasingly becoming the go-to solution for inflation hedge.

One institution showing significant interest is BlackRock, the world’s largest asset manager, who recently surpassed $30 billion in Bitcoin holdings through its Bitcoin exchange-traded fund (ETF). The rising popularity of Bitcoin ETFs underlines the evolution from niche digital currency to major financial asset.

Going a step further, Paolo Ardoino, the CEO of Tether (the world’s largest stablecoin issuer), believes that Bitcoin is the best currency out there. He stressed that Bitcoin offers unique value as an alternative to traditional currencies that are under inflation pressures, going as far as to call Bitcoin the “ultimate option for financial freedom”.

Source: Cointelegraph