Satoshi’s Bitcoin Message Still Resonates 14 Years Later: Insights from U.Today

Historian Pete Rizzo has unveiled a statement attributed to pseudonymous Bitcoin creator Satoshi Nakamoto, dating back to June 22, 2010. This statement lays the groundwork for understanding Bitcoin’s intrinsic value.

Fourteen years ago, Nakamoto articulated why Bitcoin had value even when it was trading at just a few cents; during that time, Bitcoin’s price hovered around $0.07. Rizzo’s revelation highlights this historical context, showcasing a screenshot of Nakamoto’s words.

Satoshi asserted that “Bitcoin has value because it is accepted as payment by many. You could say that Bitcoin is ‘backed up’ by the price tags of merchants and currency exchangers—a price tag is a promise to exchange goods for a specified amount of currency.”

### Satoshi’s Statement Still Relevant Today

Today, Satoshi Nakamoto’s perspective on Bitcoin’s value continues to resonate. Bitcoin has witnessed a remarkable surge from its initial value of $0.07, reaching tens of thousands of dollars. It recorded an all-time high of around $74,000 in March, spurred by expectations of strong demand from U.S. exchange-traded funds (ETFs).

Since Satoshi’s original statement, Bitcoin’s adoption as a payment method has expanded significantly. In its early years, particularly from 2009 to 2012, merchant acceptance was minimal due to a lack of understanding and the necessary infrastructure. The first substantial real-world Bitcoin transaction took place in 2010 when a BTC holder famously bought two pizzas for 10,000 BTC, an event now celebrated as Bitcoin Pizza Day.

As merchants increasingly embrace cryptocurrencies, there is a noticeable shift towards digital currency payments as a legitimate alternative to traditional methods.

As of the latest update, Bitcoin has seen a 1.30% increase in the past 24 hours, trading at $67,846.