Bitcoin’s whitepaper, published by Satoshi Nakamoto on October 31, 2008, proposed a decentralized peer-to-peer monetary network with a fixed supply of 21 million bitcoins. Institutional adoption has since transformed the market, pushing its capitalization to $1.6 trillion and its record price to $126,000 in 2025, while U.S. spot ETFs held 1.6 million bitcoins, public companies 1.265 million, and governments 645,600. BlackRock, which once labeled Bitcoin a scam, now promotes it as digital gold and a hedge against public debt and geopolitical risks. The network nevertheless faces two major challenges: declining miner rewards, which could threaten mining viability after the 2028 halving, and preparation for the potential arrival of quantum computers capable of compromising its security.
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