They say time heals all wounds – not in Bitcoin.
As documented by Bitcoin Historian Pete Rizzo, tomorrow marks the 12th anniversary of a now-infamous tweet by Nick Allen back in 2011, one that demonstrates the remarkable growth and resilience of the cryptocurrency over the past decade.
The tweet in question, posted on October 25, 2011, by technologist Nick Allen, expressed disbelief at Bitcoin’s value, which was “down to $2.70 a pop.” Allen went on to say he was “so glad I didn’t buy in on that mess.”
At the time of the tweet, Bitcoin was trading at $2, and it’s up some 1,600,000 percent since that date.
Fast forward to today, and Bitcoin’s price has soared to nearly $35,000 per coin, marking a phenomenal increase from the days when it was valued in the single digits. Allen’s tweet has since become a symbol of how the cryptocurrency has defied expectations and evolved into a mainstream asset class.
Allen’s responded to the post in 2021, at a time when Bitcoin was down from $60,000 all-time highs.
Nick Allen, who has an extensive background in the gaming and esports industry, may not have anticipated the extraordinary growth of Bitcoin when he posted his tweet, but the incredible price increase highlights the digital currency’s journey and the increasing interest in cryptocurrencies as a legitimate investment vehicle.
Still, as recent news stories show, Allen is not alone when it comes to believing Bitcoin is a fad whose best days are behind it. While some are excited about the potential approval of a Bitcoin spot ETF, there has been a continued barrage of news stories in the wake of the FTX trial that take a similar tone.
In this way, Allen’s tweet may serve as a reminder that Bitcoin has a history of defying its doubters – and rewarding its investors.