Hello, this is Oing.
Are you still viewing Bitcoin as merely speculation or a get-rich-quick scheme? It’s true that the frenzies and crashes of 2017 and 2021 have fueled persistent bubble theories. However, a dispassionate look at Bitcoin’s 15-year history reveals that it is not just a volatile asset, but the clearest evidence of a fundamental change in the capitalist system. To grow as an economic agent and achieve financial freedom, we must accurately read this trend.
If we fail to gain insight into the future through past experiences, we might once again miss a massive opportunity right before our eyes and despair over the reality of being left behind. Today, I want to discuss the crucial lessons we must engrave upon ourselves by analyzing the path Bitcoin has traveled, specifically the annual major shifts and key issues of the time.
Bitcoin’s 15-Year History That Changed Ordinary Lives: The Crucial Opportunities We Missed
The history of Bitcoin itself encapsulates the flaws of capitalism and the drama of individual growth. Beneath the price fluctuations lie the tangled threads of central banks, governments, and individual greed and fear. Through this chronology, we must cultivate the insight to read the bigger picture of the market.
2009 ~ 2012: Birth and the Prototype Era
- Key Issues: Satoshi Nakamoto’s whitepaper published (2008), the first block generated (2009), 10,000 BTC exchanged for 2 pizzas (2010), Mt. Gox exchange appears (2010).
- Price Trend: From $0 to under $10.
- Oing’s Insight: This period was when Bitcoin was treated as a simple ‘technical experiment.’ Most people dismissed it as a prank by rebellious developers challenging the financial system. But the core here is the ‘philosophy of decentralization.’ Those who recognized Bitcoin’s value and took the ‘action’ of investing even a small amount during this time later seized opportunities worth hundreds of thousands of times their initial investment. Opportunity always exists in the nascent stage, often invisible to the average person.
2013 ~ 2016: The Initial Bubble and Systemic Crisis
- Key Issues: Surpassing $1,000, the Cyprus financial crisis (Bitcoin gained prominence as an alternative amid the seizure of Eurozone bank deposits), the start of China’s Bitcoin regulation, Mt. Gox hack and bankruptcy (2014).
- Price Trend: Roughly from the $10s to a peak of $1,200, followed by a drop to the $200s.
- Oing’s Insight: During this period, many focused solely on Bitcoin’s ‘volatility.’ But the truly important event was the Mt. Gox collapse. It taught us the lessons of ‘the importance of personal wallets’ and ‘exchange risk.’ Although it was a tremendous ordeal at the time, the blockchain ecosystem emerged stronger from it. Ordeals are the ingredients for growth.
2017: The Start of the Global ‘Frenzy’
- Key Issues: Altcoin ICO frenzy, extensive coverage by domestic and international media, massive influx of retail investors, introduction of the futures market, approaching $20,000 before a crash (early 2018).
- Price Trend: Approximately $1,000 to nearing $20,000.
- Oing’s Insight: This was the time when “everyone was talking about Bitcoin.” Your coworkers, the restaurant owner—everyone was discussing it. You must distinguish between investment and speculation. Most people who entered the market then did so solely for the ‘price,’ not for Bitcoin’s philosophy or technological value. When the market is overheated and everyone is cheering, that is precisely the moment to ‘stop acting and analyze cold-heartedly.’
2018 ~ 2020: Enduring the ‘Winter’ and the Entry of ‘Institutions’
- Key Issues: A long period of stagnation known as the ‘Crypto Winter,’ growing interest in the Halving, traditional financial institutions like JPMorgan expressing interest in Bitcoin and launching related services.
- Price Trend: Sideways movement around the $3,000–$4,000 range.
- Oing’s Insight: This was when everyone left and grew bored. But it was during this time that institutional interest subtly began. Financial giants started to see Bitcoin not as a ‘threat’ but as a ‘new investment asset.’ Average individuals, frightened by the price drop, sold off, but those with insight used this period as an ‘opportunity to accumulate.’ The capacity to act differently from the crowd is the core of financial freedom.
2021 ~ 2023: The All-Time Bull Run and the Era of Too Big to Fail
- Key Issues: Explosive liquidity supply due to the COVID-19 pandemic, massive influx of institutional investors (Tesla, MicroStrategy, etc.), all-time high of $69,000, El Salvador adopting it as legal tender, FTX exchange bankruptcy (2022).
- Price Trend: From the $10,000s to a peak of $69,000, followed by a crash to the $15,000s.
- Oing’s Insight: The 2021 bull run was essentially the culmination of a ‘liquidity market.’ People who saw the value of money dropping sought refuge in Bitcoin as a ‘store of value.’ The 2022 FTX collapse was a déjà vu of the 2014 Mt. Gox crisis. Ultimately, it proved that the ‘risk of centralized systems’ remains, while the value of Bitcoin shines even brighter. The core issue wasn’t the Bitcoin technology itself but the greed of those seeking to exploit the system’s weaknesses.
Action is the Only Way: The Lessons We Must Learn from Bitcoin
The single message running through Bitcoin’s 15-year history is ‘Action and Execution.’
- Focus on Value, Not Price: You must focus on the value that Bitcoin seeks to solve: ‘decentralization’ and ‘monetary sovereignty.’ If you are swayed by short-term price fluctuations, you will ultimately lose out by missing the ‘timing.’
- Diversify Risk and Educate Yourself: As seen in the FTX incident, convenient centralized systems always carry risk. You must learn how to use personal wallets (cold storage) and take the responsibility of an economic agent: ‘I protect my own assets.’
- Pay Attention to the Halving: This is a periodic event where Bitcoin’s supply rate is cut in half. It further highlights Bitcoin’s value as a ‘deflationary asset’ in an inflationary era. Cultivate the insight to read the big picture.
Most people only become interested in Bitcoin after it has gone up 100 times. But those who achieve financial freedom study diligently and ‘act’—even with a small amount—when others are ignoring it, when others are gripped by fear. Don’t dismiss this as someone else’s story anymore. It is time for the action necessary to protect your valuable assets.
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