Major Cryptocurrency Milestones: All You Need to Know

Cryptocurrencies have been around for almost 15 years now. Ever since the emergence of Bitcoin, the first and biggest cryptocurrency in 2009, the crypto market has expanded exponentially by leaps and bounds and has hit multiple milestones. 

This article explores some monumental events in the crypto sphere over the past couple of years.

The Emergence of Bitcoin

The emergence of Bitcoin is undoubtedly one of the most important and monumental events in tthe crypto field.

In 2008, A pseudonymous creator called, Satoshi Nakamoto published a white paper on a cryptography mailing list. A year later, in 2009, the first line of Bitcoin’s code was written.

Interestingly, however, long before Bitcoin (BTCUSD), there were recorded attempts at creating digital and decentralised currencies, but some consider Bitcoin the first original cryptocurrency. (Source: Investopedia)

Moreover, if not for Bitcoin, one could argue that the cryptocurrency domain might look different than it currently is. This cryptocurrency has paved the way for its successors, as many of the following Cryptocurrency companies have built on Bitcoin’s decentralised technology.

Ethereum, DeFi, and Blockchain

30 July 2015 was a huge milestone for the crypto market. On that day, Ethereum (ETHUSD), the second-largest Cryptocurrency was launched. With the inception of the Ethereum network, smart contracts, and decentralized finance (DeFi) were introduced to the Crypto world. This is because while Ethereum builds on Bitcoin’s decentralization, it far surpasses its characteristics. Ethereum is a decentralized blockchain platform that secures application codes through what is called a smart contract which allows transactions without the need of a third party. Accordingly, Ethereum unlike Bitcoin has also ushered forth smart contracts, which support decentralized applications (dApps). Furthermore, as a payment platform, Ethereum is an open-source network that has led to the development of a myriad of innovative developments in the Crypto world like Initial Coin Offerings (ICOs), decentralized finance apps (DeFi), and stablecoins (coins that the value of which is tied to other currencies).   

All in all, using blockchains like Ethereum allows for trustless, transparent, and immutable transactions, which are the core of decentralized finance. This is why Ethereum’s emergence is considered one of the most important events in the history of Cryptocurrencies.

Crypto as a Form of Payment

Crypto becoming a real-world form of payment can be traced back to 2010. On 22 May 2010, the first commercial transaction for Bitcoin was recorded. The story behind this transaction is truly one worth noting. That year, a developer called Laszlo Hayencz purchased two pizzas from Papa John’s for 10,000 Bitcoins. That day is one of the most significant events in Crypto history because it meant that Cryptocurrencies could be used for transactions and not only for investments. And according to many, this event, while it might have seemed mundane at the time, is what actually led to the growth of the crypto market as we know it today.  Moreover, in 2010, the first Cryptocurrency exchange, bitcoinmarket.com (now defunct) kicked off.

Afterward, major companies and banks started accepting Crypto as a form of payment. For example, in 2014, tech behemoth, Microsoft (MSFT), announced that it would start accepting Bitcoin as a form of payment for its services and products. That year, PayPal (PYPL) and  Dell (DELL) among others also started accepting Cryptocurrency payments. 

Financial Institutions' Crypto-Friendly Approach

This crypto-friendly approach has also been noted in recent years in big bank companies. In 2021, for example, Goldman Sachs (GS) started supporting trading Bitcoin futures and as of the time of this writing, in 2022, this multinational investment bank also grants clients access to Ethereum funds. Similarly, in 2021, JPMorgan (JPM) espoused the blockchain technology which is engrained at the core of Cryptocurrencies by creating a digital coin of its own, called JPM coin, to facilitate international payments. In addition, JPMorgan also launched a Bitcoin fund to its wealth management clients. 

Other traditional banks like Morgan Stanely (MS), Deutsche Bank (DBK.DE), and BlackRock (BLK) started accepting Cryptocurrencies as other banks prepared their functions to be more crypto-friendly.

Spot Crypto ETFs Approval

The cryptocurrency market has long faced scepticism and regulatory scrutiny, with many questioning its viability and raising concerns about its future. 

However, 2024 marked a significant turning point for the industry, as the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin Exchange-Traded Funds (ETFs) on 10 January 2024. 

This milestone was monumental, as ETFs effectively connected traditional finance and the crypto world. Some believe it helped legitimise cryptocurrency as a credible investment option previously subject to intense scrutiny. Furthermore, it provided traders with more access to the crypto realm.

Bitcoin Hits $80,000 for the First Time

For the first time ever, on Sunday, 10 November 2024, Bitcoin soared to $80,000. This remarkable milestone was primarily attributed to the outcome of the US Presidential elections, in which Donald Trump—an outspoken supporter of cryptocurrencies—won. Trump had previously expressed his intention to transform the US into the "crypto capital of the planet" of the world. The election results sparked investor optimism, fueling this rally.

Still, only time will tell how Trump’s presidency will affect the markets, in general, and the crypto sector, in particular, in the future. 

Conclusion

In conclusion, the cryptocurrency landscape has come a long way over the past 15 years, from Bitcoin's inception in 2009 to Ethereum’s introduction of smart contracts and decentralised finance. Key moments, like Bitcoin’s first real-world transaction, growing acceptance by major companies and institutions, and the approval of Bitcoin ETFs, have helped crypto gain a more established role in the global economy. As technology and regulations continue to evolve, the future of crypto remains exciting and possibly full of potential.