The hidden text was a digital battle cry. Mr Nakamoto had decided it was time for something new: a decentralised cryptocurrency, free from the control of governments and central banks.
Mr Nakamoto has vanished from public view, but his invention has gained prominence—and lately has been soaring in value too. It quickly plummeted. It fell back a bit the next day. Over the bitcoin price chart bitcoin has spawned an entire crypto-ecosystem, including lots of copycat currencies, such as Ethereum, a rival token, and Dogecoin, a joke digital coin; and several exchanges to trade cryptocurrencies, such as Mt.
Gox, now defunct, and Coinbase, founded in Many have dismissed investing in it as a pursuit for those on the financial or even legal fringe. But the cryptocurrency has minted a handful of bitcoin billionaires and scores of millionaires.
Others are eager to join their ranks. The London Underground is plastered with advertisements wooing potential investors.
The digital cryptocurrency has seen a lot of action in its fairly short life.
And the latest surge seems to have been spurred by interest from the financial establishment, most of which long scorned it. On December 23rd Coinbase filed to go public. A long predicted bitcoin exchange-traded fund ETF may finally come to fruition in If some portfolio managers have come around to investing in bitcoin, its value could climb further; at least, there may be a floor to its value.
If the masses pile in via an ETF, that would also maintain demand. But other investors, such as the managers of huge pension funds, are likely to keep steering clear. Bitcoin was conceived as a currency, for payments and transactions. For that it would need to be stable and easy to use.
Yet Mr Druckenmiller likes bitcoin because it is precisely the bitcoin price chart thinly traded and thus less liquid and more volatile than gold.
It is increasingly treated by those who buy and sell it, and by regulators, as an investment.