12 years later, first purchase of bitcoin is imitated with price 4,800,000,000% higher

12 years later, first purchase of bitcoin is imitated with price 4,800,000,000% higher

Michael Saylor “repeats” historic purchase of 5050 BTC. Photo: Joe Raedle/Getty Images.

The first known dollar sale of bitcoin was made by Martti Malmi about 12 years ago. At the time, the first developer to help Satoshi with Bitcoin code sold 5050 BTC for 5.02 dollars.

This Monday (13), businessman Michael Saylor announced the purchase of the same amount of bitcoin for US$ 242.9 million. This demonstrates that, in just over a decade, the BTC quote went from $0.001 to about $48,000, an increase of 4,800,000,000%.

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This parallel was got that by the programmer and enthusiast Narcélio Filho. He explained that at the time, the price of BTC was based on the cost of energy they spent to mine the coins. “With a dollar you could buy thousands of BTC.”

THE transaction in question is historic, it was undertaken to help found the New Liberty Standard, the first Bitcoin exchange. Officially, the first exchange rate for BTC published in October 2009 was 1,309.03 BTC to one US dollar.

It was also the user “NewLibertyStandard”, purchaser of the 5050 BTC, who proposed the ฿ as a symbol for the cryptocurrency. “I propose that we adopt the Thai baht currency symbol, ฿, as the official bitcoin currency symbol and BTC as the official three-letter bitcoin currency code.”, published it on BitcoinTalk.

On the seller side, Martti Malmi is the developer who sold 55,000 bitcoins he mined between 2009 and 2010. He could have been a billionaire if he had kept his wallets intact, but while he regrets it, Malmi prides himself on being a pioneer.

Nowadays, Bitcoin is gaining good global adoption. Tens of billions of dollars in BTC are traded daily, according to Coingolive data, and there are numerous well-established exchanges around the world. Now institutional investors like Michael Saylor and Paul Tudor Jones buy bitcoin publicly.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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