🌙 Bitcoin History — Bitcoin's First Exchange Rate On October 5, 2009 — nine months after Bitcoin launched — the first Bitcoin exchange rate was established by New Liberty Standard: $1 = 1,309.03 BTC. The rate was calculated based on the cost of electricity to mine it. At that price, the 1 million BTC Satoshi is believed to hold would have been worth about $763. Today those same coins are worth roughly $70 billion. The person who set that first price could not have imagined what they were doing. 🤔 The first Bitcoin price was based on electricity cost — pure cost of production. How do you think about Bitcoin's value today? Is it still grounded in something real, or purely speculative? #Bitcoin #Nostr #Cypherpunk