KEY POINTS
- Jack Dorsey and Michael Saylor were among the prominent crypto figures who hailed the development
- Bitcoiner Neil Jacobs said the achievement speaks as a rebuttal to all skeptics and haters over the years
- Bitwise's Hunter Horsley said the milestone proves the impact of a powerful idea
Bitcoin on Sunday night marked a new milestone as it officially completed over one billion transactions. The cryptocurrency community is all for the celebration, with many prominent BTC investors rallying on X (formerly Twitter) to show the world how far the world's first decentralized digital asset has come.
The massively popular crypto on Sunday night processed 1,000,0004,488 transactions, as per on-chain data from Clark Moody.
JUST IN: #Bitcoin has officially processed over 1 billion transactions. pic.twitter.com/bFbSW5NEAW
— Bitcoin Magazine (@BitcoinMagazine) May 5, 2024
The social media platform's former CEO and co-founder Jack Dorsey was just among the many prominent crypto investors and enthusiasts who hailed the milestone. MicroStrategy founder and executive chairman Michael Saylor also took to X to join BTC bulls in spreading the news. The Bitcoin maximalist was asked "how many of those are you accountable for," given his company's massive investments into the digital asset but he hasn't responded.
1b txn https://t.co/akb8kbe0dD
— jack (@jack) May 6, 2024
One ₿illion Transactions
— Michael Saylor⚡️ (@saylor) May 5, 2024
Bitcoiner Oliver Isaacs noted that based on the figures, it means over 178,000 daily average transactions were made since the coin's pseudonymous creator, Satoshi Nakamoto, mined the first block in January 2009.
#Bitcoin has officially processed over 1 billion transactions.
— Oliver Isaacs (@oliverzok) May 6, 2024
It comes 15 years, four months and four days after Bitcoin (BTC) pseudonymous creator, Satoshi Nakamoto, mined the network’s first block on Jan. 3, 2009.
It means an average of 178,475 daily transactions have been… pic.twitter.com/MdkWyt9ppQ
Multiple other crypto-related entities and prominent holders have joined the celebrations on X, including crypto exchange Gemini and non-custodial exchange RichQuack. Bitcoiner Neil Jacobs noted that the milestone "stands not only as a testament to resilience, but as an eloquent rebuttal to every skeptic and hater over the last 15 years."
#Bitcoin is unstoppable
— Gemini (@Gemini) May 5, 2024
That's a major milestone! The future looks bright for Bitcoin. 🚀
— RichQuack (@RichQuack) May 5, 2024
Nischal Shetty, the co-creator of layer 1 blockchain Shardeum, said the development "helps bring further trust on Bitcoin as an asset," and Hunter Horsley, CEO of crypto index fund management giant Bitwise Investments, said the achievement is "a true testament to the impact an individual with a powerful idea can have on the world," referring to how Nakamoto introduced Bitcoin to the financial realm.
Satoshi, likely an individual, dreamed up a piece of software.
— Hunter Horsley (@HHorsley) May 6, 2024
15 years later it:
* Has securely processed >1 billion txns
* Stores over $1 trillion in value (USD)
* Is used by over 200M people across the globe
Bitcoin is a true testament to the impact an individual with a…
News of the milestone comes following a week of lows for the world's largest cryptocurrency by market value. The digital coin plunged to $58,000 last week, seemingly following the pattern that some crypto doubters have suggested the asset will take after its halving event.
Investment banking giants Goldman Sachs and JPMorgan have said Bitcoiners shouldn't rely too much on data from previous halving cycles – where an uptick was common – since the current environment Bitcoin wades in is far different from the economic ecosystem the digital asset survived in the past halvings.
On the other hand, Bitcoin users and holders, or people who refuse to sell their digital coins despite discouraging market sentiment, have been unmoved in the face of dipping prices. They continue to believe that BTC will eventually recover and possibly hit new all-time highs in the coming weeks.
