Satoshi Bitcoin Statement at $0.07 Still Relevant Today: Insights from U.Today

Historian Pete Rizzo recently revisited a noteworthy statement by the pseudonymous creator of Bitcoin, Satoshi Nakamoto, which continues to resonate within the cryptocurrency community.

In a recent tweet, Rizzo brought attention to this impactful moment in Bitcoin’s history, reminding the community of the early days when Bitcoin was still an obscure digital asset. He shared Satoshi’s quote from nearly 14 years ago: "If you don’t believe it or don’t get it, I don’t have time to try to convince you, sorry."

At that time, Bitcoin was largely overlooked by mainstream financial institutions and the general public, trading at just about $0.07. Despite the skepticism, Satoshi’s words clearly reflected his vision and commitment. Instead of trying to persuade skeptics, he concentrated on building and enhancing the Bitcoin network, allowing its success to serve as proof of its value.

Since that statement, Bitcoin has experienced remarkable growth. From a mere $0.07, its price has surged to tens of thousands of dollars, attracting interest from financial institutions and governments around the globe. This surge has been accompanied by increased adoption, technological innovations, and a vibrant community.

Currently, Bitcoin has seen a 3.1% increase in the last 24 hours, reaching $69,474 after hitting an all-time high of nearly $74,000 in mid-March.

Bitcoin Continues to Outshine Criticism

Even today, Satoshi’s statement remains relevant. The cryptocurrency sector frequently encounters skepticism and criticism, especially regarding new projects and developments, which often face doubt. Nevertheless, the community remains focused on building.

In a recent example, Bitcoin critic Peter Schiff was surprised to discover that 87% of over 11,000 Bitcoin holders who responded to his poll indicated they would not sell any of their Bitcoin, even if the price were to plummet over 99% to just $120. Furthermore, many stated they would continue to buy more even as prices fell.

Despite Schiff’s ongoing critiques of Bitcoin’s value proposition, he unexpectedly acknowledged that "the main selling point for investors to buy Bitcoin is its great track record of past performance." He remarked that "it doesn’t matter how much money one loses on Bitcoin; it still fixes everything. It’s digital gold, no matter how low the price falls."