U.Today – Historian Pete Rizzo recently revisited a profound statement by the pseudonymous creator of Bitcoin, Satoshi Nakamoto, that still resonates in the cryptocurrency community today.
In a tweet, Rizzo highlighted this important part of Bitcoin's history, taking the community back to the early days of Bitcoin. Rizzo shared Satoshi's statement, dating back almost 14 years ago: “If you don't believe it or don't understand it, I don't have time to try to convince you, sorry.”
At the time, Bitcoin was a nascent and obscure digital asset, largely dismissed by mainstream financial institutions and the public and trading at nearly $0.07.
However, Satoshi's words were a clear indication of his vision and conviction. Instead of convincing skeptics, Satoshi focused on building and improving the Bitcoin network, allowing his success to speak for itself.
The price of Bitcoin has come a long way since that statement. From just $0.07, the price of Bitcoin has skyrocketed to tens of thousands of dollars, sparking the interest of financial institutions and governments around the world. Its rise has been accompanied by increased adoption, technological advancements, and a thriving community.
At the time of writing, BTC was up 3.1% over the past 24 hours to $69,474, having hit an all-time high of nearly $74,000 in mid-March.
Bitcoin continues to eclipse critics
Even today, Satoshi's statement remains valid. The cryptocurrency industry continues to face skepticism and criticism, particularly for new projects and developments, which are often met with uncertainty. Nevertheless, the community places a strong emphasis on building.
In a recent incident, Bitcoin critic and gold bug Peter Schiff was shocked when 87% of the 11,000+ Bitcoin holders who responded to his survey on X said they would not sell any of their Bitcoins even if the price collapsed by over 99% to $120. Not only did they claim they would not sell, but they would keep buying more even during the crash.
Schiff, who continues to criticize Bitcoin's value proposition, surprisingly admitted that “the main selling point for investors to buy Bitcoin is its excellent past performance record” and that “no matter how much money you lose with Bitcoin, it still makes everything right. It's digital gold no matter how low the price falls.”
This article was originally published on U.Today
