Bitcoin on Tuesday, 16 February, witnessed an all-time high after the prices of the digital currency soared to $50,000, recording a gain of 66 percent from the start of 2021.
The widely accepted Bitcoin was first introduced in 2008 by Satoshi Nakamoto, who published the idea of cryptocurrency in a white-paper and laid out principles of a “new electronic cash system that’s fully peer-to-peer, with no trusted third party”.
According to TechCrunch, the gains in the price of Bitcoin has been tremendous from 2020 to 2021, rising to a 400 percent since 2020.
The value has increased exponentially since a couple of weeks after Tesla, owned by Elon Musk, invested $1.5 billion in the company and announced that it will accept Bitcoin as a mode of transaction for its products.
Several tech companies have also shown tremendous support to the volatile cryptocurrency by allowing their consumers to use Bitcoin as a mode of transaction. But, how did it get from $0 to $50,000.
Here’s a timeline of Bitcoin’s rise, fall and journey towards breaching the $50,000 mark.