The 11 craziest Bitcoin stories of all time

Bitcoin was first introduced to the world in 2008 by an anonymous person — or a group of people — known as Satoshi Nakamoto. Many individuals have claimed to be Satoshi, but no one truly knows for certain.

The goal was to create a decentralized digital currency free from the control of governments and central banks. Unlike conventional currencies, Bitcoin functions on a peer-to-peer network, which means that digital transactions can happen directly between users — without a middleman such as a bank. Decentralization is a defining feature of Bitcoin, which differentiates it from traditional currencies.

Bitcoin officially launched on Jan. 3, 2009, when the first block of transactions, known as the genesis block, was mined.

Bitcoin’s supply is limited to a maximum of 21 million coins. This means no additional coins will be generated or created after reaching the 21 million limit. Satoshi Nakamoto introduced the concept of limiting the quantity of crypto and making it more valuable to combat inflation.

Do you know what the first item ever purchased using Bitcoin was?

It is believed that there were two large pizzas from Papa John’s in 2010. The transaction on May 22, known now as “Bitcoin Pizza Day,” was the first reported use of Bitcoin to actually buy something

On May 22, 2010, Laszlo Hanyecz, a Florida-based software engineer paid 10,000 Bitcoins for two Papa John’s pizzas.

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day,” he wrote on an online Bitcoin forum. “I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”

“If you’re interested please let me know and we can work out a deal,” he added.

The 10,000 bitcoins he spent on two pizzas would be worth more than $1 billion today.

When it was introduced in 2009, Bitcoin’s value was zero. By the end of 2010, it had reached $0.30. Bitcoin saw significant growth in 2011, reaching what was then an all-time high of $29.60 that June.

Cryptocurrency remained sluggish in 2012. But 2013 saw steady growth, and Bitcoin surpassed the $1,000 mark that year.

In 2014, the cryptocurrency market faced a long winter due to the Mt. Gox crypto exchange hack. The exchange halted all Bitcoin withdrawals in early February 2014, and later suspended all trading on the platform. The incident led to a more bearish Bitcoin market for the next few years.

Bitcoin recovered in 2017, bouncing back to $1,000. It continued to jump, reaching a high of $20,000 by the end of the year. But it didn’t last long, and Bitcoin was throttled by another hack in 2018 when the crypto exchange Coincheck lost $530 million. Bitcoin recovered in 2019, crossing the $10,000 mark.

Bitcoin gained significant traction as an investment during the pandemic, emerging as a favored asset amid economic uncertainty and market volatility. In 2020, Bitcoin’s appeal as a hedge against inflation and a store of value grew and it surged to nearly $30,000 by the end of the year.

The momentum carried into 2021, with Bitcoin surpassing the $30,000 mark early in the year. By November 2021, it reached a then-record high of $68,000, solidifying its status as a key player in global financial markets.

The surge in Bitcoin’s popularity in 2021 can largely be attributed to its growing acceptance in mainstream finance and endorsements from influential figures. One of the pivotal moments was its inclusion in 401(k) plans, which marked a significant shift in how traditional retirement savings strategies embraced digital assets.

Adding to the momentum, high-profile endorsements from industry leaders, including Tesla CEO Elon Musk, played a crucial role in amplifying Bitcoin’s appeal. In 2021, Tesla spent $1.5 billion on the currency. Other publicly traded companies also added Bitcoin to their balance sheets.

Bitcoin faced a number of challenges in 2022, leading to bearish sentiment across the crypto market. In April, the stablecoin TerraUSD and its associated cryptocurrency Luna suffered a significant drop in value, causing a loss of confidence among investors.

That was just the beginning. At the end of the year, the exchange FTX collapsed, causing a crypto market bloodbath. Bitcoin lost more than half its value, sinking to as low as $18,000. The downfall of FTX was contagious as it led to the bankruptcy of other crypto companies, including BlockFi and Genesis.

After a prolonged bear market, Bitcoin and other cryptocurrencies made a strong comeback in 2024. Bitcoin reached a new high of $73,000 due to the SEC’s approval of spot Bitcoin ETFs, followed by the U.K.’s approval of Bitcoin-linked securities being listed on the stock market. In May, the SEC’s approval of spot Ether ETFs was another milestone.

The entry of financial giants like BlackRock and Fidelity into the crypto world has bolstered the proposition that cryptocurrency is indeed the future of finance. Financial institutions are working on the tokenization of funds, and they no longer see blockchain as a threat but rather as a tool.

This year, the crypto world’s tainted image improved a bit as FTX’s Sam Bankman-Fried and Binance’s former CEO Changpeng Zhao (also known as CZ) were put behind bars. Bankman-Fried was convicted of misappropriating $10 billion in customer deposits and generating false financial statements, while CZ was jailed for enabling money laundering on the crypto exchange.

This year, the authorities arrested key players in the crypto world, including crypto king Do Kwon, co-founder of Terraform Labs, and Roger Ver, also known as “Bitcoin Jesus.” While Kwon’s cryptocurrency company’s collapse caused a $400 billion market downturn, Ver, one of the largest Bitcoin owners, is facing charges for evading nearly $50 million in taxes.

President-elect Donald Trump emerged as a pro-crypto figure in the 2024 U.S. presidential election.

Trump took an unprecedented pro-Bitcoin stance, championing the digital currency as a symbol of financial independence and an alternative to traditional banking. Labeling himself as the “crypto candidate,” Trump even accepted donations in a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana.

Trump also made history as the first U.S. president to address a Bitcoin event, attending the Bitcoin conference in Nashville, Tennessee, where he underscored his commitment to positioning America at the forefront of crypto. The crypto community is now eagerly awaiting the changes he promised during his election campaign.