Benzinga - Today marks the 15th anniversary of the release of the Bitcoin (CRYPTO: BTC) whitepaper by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
What Happened: On October 31, 2008, Nakamoto shared the whitepaper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” to a mailing list of cryptographers.
"I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party," Satoshi famously said in the opening sentence before linking the document titled: "Bitcoin: A Peer-to-Peer Electronic Cash System."
Just two months later, on January 3, 2009, the first Bitcoin block was mined, marking the launch of the world’s most valuable cryptocurrency. Nakamoto’s breakthrough came after being influenced by Wei Dai’s b-money, an earlier electronic peer-to-peer cash system.
Mohammed AlKaff AlHashmi, co-founder of HAQQ Network, a blockchain network that issues Islamic Coin, its native cryptocurrency, emphasized the monumental milestone the whitepaper represents. “The Bitcoin whitepaper’s 15th anniversary is a monumental milestone, not just for the crypto industry but also for the broader financial landscape."
He wrote in a note to Benzinga. "..the paper laid the groundwork for decentralized finance, challenging the traditional financial systems that have been in place for centuries. Bitcoin has become a store of value.”
Reiterating AlHashmi's stance, Robert Quartly-Janeiro, CSO at Bitrue crypto exchange said, " Bitcoin itself has emerged as the world’s most valuable cryptocurrency, boasting a market capitalization exceeding $400 billion."
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Why It Matters: Looking ahead to the future, Ryan Lee, Bitget Research Chief Analyst, predicts various factors that could influence the Bitcoin market.
Lee explains that market expectations for the future movement of Bitcoin primarily rely on key factors such as the Federal Reserve’s interest rate decisions, Bitcoin ETF approvals, the Bitcoin halving, and regulatory developments. “There is less than half a year remaining until Bitcoin halving. U.S. monetary policy may gradually ease next year and currently, the Federal Reserve’s interest rate hike may peak in the short term. The likelihood of Bitcoin spot ETF approval has significantly increased.”
As we move into 2024, Lee suggests that after a period of ranging market conditions, the market fundamentals are expected to gradually improve with clear regulatory stances. "The FOMC meetings in November and December will also set the tone for decisions regarding interest rate hikes and the duration of elevated interest rates. "
He added, "Bitcoin has the potential to break above its recent high of around $32,000 in early 2024, with key levels to watch above at $34,000, $38,000, and $42,000."
Price Action: At the time of writing, Bitcoin was trading at $34,318.16, up 0.10% in the last 24 hours, according to Benzinga Pro.
Photo by Oier Aso on Shutterstock
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