Bitcoin White Paper Anniversary: Historian Pete Rizzo Calls It 'the Perfect Day to Start the Next Bull Run'

Sixteen years ago today, Satoshi Nakamoto, the pseudonymous Bitcoin creator, published the Bitcoin whitepaper laying the groundwork for the world's first and largest cryptocurrency.

On Oct. 31, 2008, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, published the Bitcoin whitepaper, laying the groundwork for the world's first and largest cryptocurrency.

The nine-page whitepaper, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," was released by Nakamoto on Halloween 2008 and introduced a purely peer-to-peer version of electronic cash. The whitepaper outlined a system that would allow online payments to be sent directly from one party to another without the use of a financial institution.

This document outlined the framework for a decentralized, digital currency powered by blockchain technology, marking a pivotal moment in the history of cryptocurrencies.

Bitcoin historian Pete Rizzo spotlighted the 16th anniversary of the Bitcoin white paper in a recent tweet, calling it "the perfect day to start the next bull run," a sentiment that coincides with Bitcoin's recent rise past $73,000.

Moreover, the whitepaper has not only fueled Bitcoin's rise to prominence but has also served as the foundation for an entire ecosystem of cryptocurrencies and blockchain applications. The paper continues to inspire innovation in a wide range of domains, including decentralized banking and digital identity verification.

The Bitcoin white paper proposed a solution to the double-spending problem using a peer-to-peer network. Building on concepts like Adam Back’s "Hashcash," Satoshi adapted the preexisting proof-of-work concept in order to address the double-spending problem.

Bitcoin price action

Bitcoin soared above $73,000 on Tuesday, approaching its all-time high of $73,750 set in mid-March.

At the time of writing, Bitcoin's price slipped by 0.15% in the last 24 hours to around $72,302, according to CoinMarketCap. Bitcoin reached $73,624 on Tuesday, its highest level since March 14, when it set a record.

Bitcoin's price hike is significant as the cryptocurrency has been trading in a tight range of $55,000 to $70,000. So far this year, the price has attempted to break past $70,000 on multiple occasions, but those attempts have largely been short-lived.

Bitcoin has been buoyed by the broader market risk-on sentiment, with stocks hitting record highs this month ahead of a key U.S. midterm election, the return of demand for Bitcoin ETFs and another Federal Reserve rate policy announcement on Nov. 7.

Bitcoin's price has risen by over 9% in the last week. The digital asset is set to close October up 14%, its best month since March.