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Seven wild moments from the turbulent story of Bitcoin


Seven wild moments from the turbulent story of Bitcoin

Donald Trump's victory in the US presidential election has helped push the price of Bitcoin to a series of record highs.

Backers of the digital currency are celebrating, and wondering how much more valuable it could become - with some suggesting it could reach $100,000 per coin.

Its price is rocketing because the president-elect has vowed to make the US "the crypto capital of the planet" - a remarkable turnaround given as recently as 2021 he was calling Bitcoin a "scam."

He even started accepting Bitcoin and other cryptocurrencies as donations to his election campaign and raised millions from the industry.

But that is just one of the many twists and turns in the jaw-dropping story of Bitcoin, which continues to captivate people worldwide and has seen the making - and losing - of huge fortunes.

Here's the BBC's list of the seven wildest moments - so far - in Bitcoin's tumultuous history.

1. The mysterious creator of Bitcoin

Despite its enormous profile, no-one actually knows for sure who invented Bitcoin. The idea for it was posted on internet forums in 2008 by someone calling themselves Satoshi Nakamoto.

They explained how a peer-to-peer digital cash system could work to enable people to send virtual coins over the internet, just as easily as sending an email.

Satoshi created a complex computer system that would process transactions and create new coins using a huge network of self-appointed volunteers around the world who used special software and powerful computers.

But he - or they - never revealed their identity, and the world has never worked it out.

In 2014, Japanese-American man Dorian Nakamoto was pursued by reporters who thought he was the elusive Bitcoin creator, but it proved to be false lead caused by some mistranslated information.

Australian computer scientist Craig Wright said it was him in 2016 - but after years of legal battles, a High Court judge concluded he was not Satoshi.

Earlier this year, a Canadian Bitcoin expert called Peter Todd strongly denied being Satoshi, while in London this month a British man, Stephen Mollah, claimed he was - but no-one believed him.

2. Making history with pizza

Bitcoin now underpins a two trillion-dollar cryptocurrency industry - but the first recorded transaction using it was the purchase of pizza.

On 22 May 2010, Lazlo Hanyecz, offered $41 worth of Bitcoin on a crypto forum in return for two pizzas.

A 19-year-old student obliged and the day went down in history for fans of the currency as #BitcoinPizza day.

A source of memes for those in crypto community, it also showcased the power of Bitcoin - an internet money that could genuinely buy items online.

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