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Brian Armstrong Recalls When One Dollar Could Buy 1309 Bitcoins in 2009
Coinbase CEO Brian Armstrong has revisited a key moment in Bitcoin’s early history. Sixteen years ago, one U.S. dollar could purchase 1,309 Bitcoins, marking the first recorded dollar valuation of the cryptocurrency. The figure, estimated from mining electricity costs, represented Bitcoin’s earliest known benchmark in 2009. Bitcoin’s First Recorded Dollar Valuation: Bitcoin’s first estimated exchange rate dates back to 2009, when one U.S. dollar equaled about 1,309 Bitcoins. The rate was published on a Bitcoin discussion forum by early contributor NewLibertyStandard. The calculation used the electricity cost ... (full story)