15 Years from Finney's 'Running Bitcoin' Tweet, Bitcoin ETFs Win Approval

• Legacy of the Inception of Bitcoin
• Approval of First Bitcoin Spot Exchange-Traded Fund
• Bitcoin's Position for Widespread Growth
• Efforts of Early Bitcoin ETF Proposers
• Enduring Legacy of Hal Finney

Legacy of the Inception of Bitcoin

On January 11, 2009, Running bitcoin was announced by the renowned cypherpunk Hal Finney, just two days prior to becoming the inaugural individual to download and gain Bitcoin$42,260 -0.64% (BTC). This communication served as the introduction of Bitcoin to the world, a previously niche internet token which ultimately expanded into a trillion-dollar asset at its zenith.

Finney, who passed away in August 2014, was the initial individual besides Bitcoin's enigmatic creator, Satoshi Nakamoto, to download and operate the Bitcoin software. Finney was optimistic about Bitcoin's potential for rapid growth. In a correspondence with Nakamoto, Finney was one of the pioneers to attribute value to the token, projecting a portion of total global household wealth would be directed towards the project, and eventually, each of the 21 million coins could potentially be valued at $10 million.

Approval of First Bitcoin Spot Exchange-Traded Fund

Fast forward to fifteen years after Finney's tweet, Bitcoin on Wednesday achieved its first spot exchange-traded fund (ETF) approval from the U.S. Securities and Exchange Commission (SEC). Established financial corporations such as BlackRock (BLK) and Fidelity are among the approved providers. Additionally, Grayscale's well-received Bitcoin Trust (GBTC) has been elevated as an ETF. Fees on these products fluctuate from zero for the opening few months (at ARK, Bitwise, and Invesco) to a maximum of 1.5% (at Grayscale).

Bitcoin's Position for Widespread Growth

Originally envisioned as an insurgent medium operating away from traditional banking sectors, Bitcoin's adoption by Wall Street indicates the token's potential for extensive growth as an alternate asset. A regulated product like this will enable investors and funds to gain exposure to the token without the associated risks of establishing and managing a cryptocurrency wallet. Thus, the SEC's approval comes after numerous years of deferrals and outright rejections of several attempts to launch spot bitcoin ETFs.

Efforts of Early Bitcoin ETF Proposers

The co-founders of crypto exchange Gemini, Cameron and Tyler Winklevoss, submitted their initial application to the SEC for a spot bitcoin ETF in 2013, which was promptly dismissed. Grayscale has been attempting to convert its trust into an ETF since 2017. Concurrently, bitcoin prices soared to as high as $47,500 early on Thursday before retracting after the approvals, edging closer to their 2021 peak of $69,000.

Enduring Legacy of Hal Finney

Although Finney is no longer present to witness the apparent triumph of this unique internet currency - his legacy will persist indefinitely.

Edited by Jonathan Stoker