In November 2017, CME Group officially launched Bitcoin futures trading, and Bitcoin surged to a high of $19,000.
In January 2018, legendary figure Lazlo Hanyecz successfully purchased pizza again using the Lightning Network.
In January 2019, the Lightning Torch event took place.
On March 12, 2020, due to the impact of the COVID-19 pandemic and the stock market, Bitcoin plummeted to a low of below $3,800.
On May 25, 2020, Bitcoin underwent its third halving event: the block reward was reduced from 12.5 bitcoins to 6.25 bitcoins at block height 630,000.
In January 2021, Stacks was launched. Initially known as Blockstack, it was co-founded by Muneeb Ali and Ryan Shea. The layer has its own programming language called Clarity and a consensus mechanism called Proof of Transfer (PoX), which together allow for the execution of smart contracts on the Bitcoin blockchain.
On February 8, 2021, Tesla announced that it would accept Bitcoin as payment.
On February 19, 2021, the market capitalization of Bitcoin surpassed $1 trillion.
In April 2021, the price of Bitcoin reached $65,000.
In June 2021, China banned Bitcoin mining, causing the price of Bitcoin to temporarily drop below $30,000. Bitcoin mining hash power shifted to the United States.
On September 7, 2021, Bitcoin became legal tender in El Salvador.
On November 14, 2021, the Taproot upgrade was successfully activated, introducing improvements such as Schnorr signatures and enhanced smart contract capabilities. This is the biggest advancement for Bitcoin since the activation of SegWit in 2017.
In November 2021, the price of Bitcoin reached its previous all-time high of $69,000.
In December 2022, the mainnet of ICP integrated Bitcoin.
In 2023, the Bitcoin ecosystem experienced significant development with the emergence of new concepts such as Ordinals, Inscriptions, BRC20, Atomical, ARC20, Bitstamp, SRC20, Rune, Taproot Assets, and RGB. The progress made in 2023 exceeded that of previous years.
In January 2024, the U.S. SEC approved the listing of 11 Bitcoin spot ETFs.
In March 2024, stimulated by the Bitcoin spot ETFs, the price of Bitcoin rose to $73,000, surpassing the previous high before the halving.
Since 2024, the rise of Bitcoin Layer 2 has been observed. According to statistics from Bitpush, there are currently more than 50 Bitcoin Layer 2 solutions.
Throughout the development of Bitcoin, many leaders in the industry have emerged and evolved rapidly as the industry and crypto cycles evolved. These leaders have made significant contributions to the development of the cryptocurrency industry.
Some notable figures include Satoshi Nakamoto, the creator of the Bitcoin protocol; Vitalik Buterin, the founder of Ethereum; Craig Wright, the founder of Bitcoin SV; Liu Zipeng, the founder of the blockchain forum and media platform “8btc”; Jiang Xinyu, the first person in the Chinese Bitcoin community to successfully launch an ICO project; Wu Jihan, the founder of Bitmain; Li Xiaolai, a prominent figure in the Chinese Bitcoin community and author of the book “Bitcoin: A Real and Illusory Financial World”; Casey Rodarmor, the developer of the Ordinals protocol; Larry Fink, the CEO of BlackRock; Nayib Bukele, the president of El Salvador; Michael Saylor, the CEO of MicroStrategy; Zhao Changpeng, the founder of Binance; and many others.
As Bitcoin has developed and evolved, it has transitioned from a payment currency to a digital gold, and its role in the financial system has changed. Initially envisioned as a system independent of traditional financial institutions, Bitcoin has now become part of the mainstream financial system.
Bitcoin’s narrative has shifted from being a payment currency to being a store of value, and it has gained recognition as a hedge against inflation and financial instability. Some countries have even adopted Bitcoin as legal tender or actively embraced it as an alternative to their national currencies.
However, this integration into the mainstream financial system has also led to increased regulation and government involvement. Bitcoin’s original vision of being an independent, decentralized currency has been compromised.
Despite the conflicts and disputes within the Bitcoin community, Bitcoin itself remains resilient. Its development and adoption continue to grow, and it has become a significant part of the global financial landscape.
Note: This translation is not intended as financial advice. The article provides a historical overview of Bitcoin’s development and the key events that have shaped its journey.
