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What is Bitcoin and who invented it?

Created as a response to the 2008 financial crisis, the concept of Bitcoin was first introduced in a nine-page white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on October 31, 2008, on a platform called Metzdowd.

The manifesto was penned by a notoriously elusive person (or persons) who used the pseudonym Satoshi Nakamoto. The author(s) laid out a compelling argument and groundwork for a new type of cyber-currency that would revolutionize the monetary system.

Cryptographically secured, Bitcoin was designed to be transparent and resistant to censorship, using the power of blockchain technology to create an immutable ledger preventing double-spending. The true allure for Bitcoin’s early adopters was in its potential to wrestle power away from banks and financial institutes and give it to the masses.

This was especially enticing as the fallout from the 2008 financial collapse ricocheted internationally. Described as the worst financial crisis since the Great Depression, US$7.4 billion in value was erased from the US stock market in 11 months, while the global economy shrank by an estimated US$2 trillion.

On January 3, 2009, the Genesis Block was established, marking the beginning of Bitcoin’s blockchain, onto which all additional blocks have been added. The Genesis Block contained the first 50 Bitcoins ever created and a simple message: “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”

Many believe the message hints at Bitcoin’s mission, as it references an article in The London Times that criticized the British government’s inadequate response to the financial crisis of 2007 to 2008, particularly the government’s inability to provide effective relief and support to the struggling economy.

Bitcoin price chart from August 2011 to December 31, 2015.

Chart via TradingEconomics.com.

Bitcoin price chart from January 1, 2016, to December 31, 2019.

Chart via TradingEconomics.com.

Bitcoin price chart from January 1, 2020, to December 31, 2022.

Chart via TradingEconomics.com.

Bitcoin’s powerful performance cannot be understated as evidenced by its price performance in the later half of 2023 and so far in 2024.

Concerns with the banking system led the price of Bitcoin to rally in March 2023 to US$28,211 by March 21 after the failure of multiple US banks alarmed investors.

In Q2 2023, Bitcoin continued its ascent, stabilizing above US$25,000 even as the US Securities Exchange Commission (SEC) filed lawsuits against Coinbase Global (NASDAQ:COIN), along with Binance and its founder Changpeng Zhao.

Although it looked like bad news for the sector, Bitcoin stayed steady, holding above US$25,000. This was supported by BlackRock (NYSE:BLK), the world’s largest asset manager, filing for a Bitcoin exchange-traded fund with the SEC on June 15.

Bitcoin’s price jumped above US$30,000 on June 21, 2023, and on July 3, 2023, the crypto hit its highest price since May 2022 at US$31,500. It held above US$30,000 for nearly a month before dropping just below on July 16, 2023. By September 11, 2023, prices had slid further to US$25,150.

Heading into the final months of the year, the Bitcoin price benefited from increased institutional investment on the prospect of the SEC approving a bevy of spot Bitcoin exchange-traded funds by early 2024. In mid-November the price for the popular cryptocurrency was trading up at US$37,885, and by the end of the year that figure had risen further to US$42,228 per BTC.

2024 Bitcoin price performance

Bitcoin price chart from January 1, 2024, to November 6, 2024.

Chart via TradingEconomics.com.

Once the SEC’s approval of 11 spot Bitcoin ETFs hit the wires, the price per coin jumped again to US$46,620 on January 10, 2024. These investment vehicles were a major driving force behind the more than 42 percent rise in value for Bitcoin in February; it reached US$61,113 on the last day of the month.

On March 4, Bitcoin surged almost 8 percent in 24 hours to trade at US$67,758, less than 2 percent away from its previous record, and on March 11 it hit a new milestone, surpassing the US$72,000 mark. Three days later, on March 14, Bitcoin reached its highest-ever recorded price of US$73,737.94, surpassing the market cap of silver.

Bitcoin often surges leading up to the halving events, which is when Bitcoin rewards are halved for miners. The most recent came in April when the reward for completing a block was cut from 6.25 to 3.125 Bitcoin.

Several sources cited the 2024 halving as one of the forces that drove the price of Bitcoin to its newest high.

The halving occurred at around 8:10 p.m. EDT on a Friday, and Bitcoin’s price remained stable within the US$63,000 to US$65,000 range over the ensuing weekend. On April 22, the Monday following the halving, it was slightly above US$66,000.

While Bitcoin’s price stayed relatively stable, the cryptocurrency’s trading volume experienced significant fluctuations through that weekend, with a 45 percent increase from April 19 to April 20 followed by a 68 percent decline on April 21. Between April 30 and May 3, it fell as low as US$56,903 following the Federal Reserve’s April policy meeting, which did not produce a rate cut.

Reports that the SEC was moving to approve spot Ether ETFs in May sent the price of Bitcoin climbing again alongside that of Ether, the native token of the Ethereum blockchain, which serves as the foundation for these ETFs. Bitcoin passed US$71,000 for the second time ever at 8:00 p.m. EDT on May 20, days before the SEC approved spot Ether ETFs on May 23.

Bitcoin hovered between US$67,000 and US$69,000 for the remainder of the month and into the middle of June. It fell back below US$67,000 on June 13 and moved lower the next day when the Federal Reserve opted to delay lowering interest rates once again.

Losses picked up speed through late June and continued in July, with analysts pointing to uncertainty over post-election regulations, Germany’s sell-off of seized Bitcoin assets and concerns about the impact of the defunct trading platform Mt. Gox on the token market. Bitcoin dropped to a two-month low of US$55,880 on July 8, but quickly recovered most of its losses after Federal Reserve Chairman Jerome Powell’s congressional testimony on July 9 that signaled rate cuts may not be far off.

As crypto gains wider acceptance and accessibility, with more traditional financial institutions and products incorporating digital assets, the type of risk that Bitcoin represents has evolved. Bitcoin was primarily seen as a highly speculative alternative investment. Now, with expanding institutional interest, it is increasingly seen as a ”risk-on” asset – meaning its price movements are influenced by market sentiment, investor confidence and broader economic conditions.

A rise in Bitcoin’s price ensued after the July 13 assassination attempt of US presidential candidate Donald Trump, who has been actively endorsing the crypto industry for support. Bitcoin rose from US$57,899 to US$66,690 in the week following the incident as the odds of a Trump victory were seen to improve, highlighting the impact of regulatory uncertainty on the market. However, Bitcoin’s price didn’t experience any significant pullbacks in the week after current US President Joe Biden dropped out of the race on July 21 and current Vice President Kamala Harris took over as the new nominee.

Other significant developments affecting Bitcoin during the summer included the underwhelming performance of spot Ether ETFs, fears of a US government Bitcoin sell-off, Trump’s proposed national Bitcoin stockpile and Trump’s declining chances of winning the election as support for Harris snowballs.

Bitcoin experienced a tumultuous August, with its price plummeting alongside other digital assets and the stock market on August 5th. Several factors triggered this sell-off, including weaker-than-expected economic data on August 2 and an unexpected interest rate hike in Japan. These events sparked panic in Asian markets, leading investors to liquidate high-risk assets like Bitcoin.

Despite a brief recovery, Bitcoin continued to fluctuate throughout August, dropping to US$58,430 on the weekend of August 10 and 11, and experiencing further price swings between US$60,700 and US$56,700. While positive inflation data boosted the stock market, Bitcoin struggled to break past a US$60,000 ceiling.

A brief rally on August 23rd, prompted by the Federal Reserve’s signal to begin lowering interest rates, was quickly followed by another price drop. This pattern of rallies and subsequent declines persisted for the remainder of August and most of September. Bitcoin ended the month at just above US$64,540.

During the lead up to the 2024 US presidential election had a notable affect on Bitcoin’s price movements, with the Republican party generally seen as more ‘crypto-friendly’ than the Democrats. On October 28, PolyMarket, bettors favored Trump with a 66.1 percent probability of winning compared to Harris’ 33.8 percent. This translated into a 7 percent gain in a little over 24 hours on October 29 to flirt with the previous all-time high, coming in at US$73,295.

A few days later on November 3, Trump’s lead would seemingly narrow with the gap closing to 55 percent for Trump and 44.3 percent for Harris. The Bitcoin price responded by dropping to US$67,874 on November 4.

Bitcoin set a then high price on November 6, 2024, when it reached US$76,243 per BTC at 4:00 p.m. EST. This price came after the 45th US President Donald Trump made a stunning political comeback to become the 47th US President. His retaking of the presidency was heralded as hugely positive for the cryptocurrency market.

“We have a #Bitcoin President,” Michael Saylor, founder of Bitcoin development company Strategy (NASDAQ:MSTR), posted on X.

Bitcoin crossed the US$100,000 threshold for the first time on December 4, rising as high as US$103,697.

FAQs for investing in Bitcoin

Is Peter Todd Satoshi Nakamoto?

Canadian software developer Peter Todd has denied he is Satoshi Nakamoto, a claim made by the documentary ‘Money Electric: The Bitcoin Mystery,’ which aired on October 8, based on circumstantial evidence such as posts on an early Bitcoin forum and correspondence between Todd and Hal Finney, who received the first Bitcoin from Satoshi.

Aired on HBO, the film by Cullen Hoback features interviews with people involved in Bitcoin’s creation and suggests that Todd could be the elusive Satoshi Nakamoto who wrote the 2008 white paper that led to Bitcoin’s launch. Reddit posts dating back to 2015 have also suggested that Todd could be Satoshi.

Todd has continuously denied the claim, most recently to multiple media outlets, including CoinDesk and Bloomberg.

What is the Bitcoin halving?

Unlike traditional currencies that can increase circulation through printing, the number of Bitcoins is finite. This limit is a core function of Bitcoin’s algorithm and was designed to offset inflation by maintaining scarcity. There are 21 million in existence, of which 19,787,175 are in circulation as of August 8. This means there are 1,212,825 still unmined.

A new Bitcoin is created when a Bitcoin miner uses highly specialized software to complete a block of transaction verifications on the Bitcoin blockchain. Roughly 900 Bitcoins are currently mined per day; however, after 210,000 blocks are completed, a Bitcoin protocol called a halving automatically reduces the number of new coins issued by half. Halving not only counteracts inflation but also supports the cryptocurrency’s value by ensuring that its price will increase if demand remains the same.

Halvings have occurred every four years since 2012, with the most recent happening on April 19, 2024. The next halving is expected to occur in 2028.

Bitcoin’s halving has significant implications for the cryptocurrency’s mining activity and supply because of how Bitcoin mining works. Currently, miners are paid 3.125 Bitcoin for every block they complete. After the next halving, the pay rate will lower to 1.5625 Bitcoin for every completed block for the next four years.

Is Bitcoin a good investment anymore?

While Bitcoin has reached new heights in 2025, one of its well-known features is its volatility. Investors who are more accepting of risk could look to the cryptocurrency space as there historically has been money to be made, and Bitcoin is regaining value after plummeting in 2022. However, there is also historically money to be lost, and investors who prefer to take smaller risks should look towards other avenues.

For more information on investing in Bitcoin right now, check out our article Is Now a Good Time to Buy Bitcoin?

1. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 109 percent
Market cap: C$31.69 million
Share price: C$0.46

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Canada’s Athabasca Basin.

In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.

The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin, including the Dorado project.

Purepoint shares jumped from C$0.265 on July 7 to C$0.465 on July 9 after the release of initial drill results from Dorado. According to the July 8 statement, drilling at the Q48 target “confirm(ed) the zone as a significant uranium-bearing structure.”

Continuing to trend higher, shares reached a year-to-date high of C$0.52 on July 23. The move coincided with an additional drill result release from the discovery, now dubbed the Nova Discovery target area.

“PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity,’ Purepoint President and CEO Chris Frostad said.

2. District Metals (TSXV:DMX)

Year-to-date gains: 104.9 percent
Market cap: C$139.38 million
Share price: C$0.83

District Metals is an energy metals and polymetallic exploration and development company with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which the company says hosts the world’s largest undeveloped uranium deposit.

The company’s share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

Some noteworthy announcements since then include the completion of a helicopter-borne mobile magnetotellurics survey at the Viken property in late June, with results expected later in Q3.

Also in June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.

Shares of District Metals rose to a year-to-date high of C$1.01 on July 24, two days after the announcement of a high-resolution drone-based radiometric and magnetic survey across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.

According to the company, the drone will fly low and with tight line spacing, allowing detection of subtle anomalies that traditional surveys may have missed.

3. Energy Fuels (TSX:EFR)

Year-to-date gain: 70.21 percent
Market cap: C$2.83 billion
Share price: C$12.80

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western United States, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain. In May, a record of approximately 260,000 pounds of U3O8 was mined at the site, up 71 percent over the prior month.

A subsequent press release tallied Q2 2025 output from Pinyon Plain at 638,700 pounds of uranium, which it said exceeded estimates due to the high uranium grades, which averaged 2.23 percent in Q2 and 3.51 percent in June.

Company shares reached a year-to-date high of C$13.80 on July 27. The stock bump followed the successful commencement of pilot scale heavy rare earth production at its White Mesa mill on July 17.

4. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 56.67 percent
Market cap: C$10.72 million
Share price: C$0.23

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of Saskatchewan’s Athabasca Basin, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the project.

Stallion’s share price shot upwards on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts.

On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, part of its joint venture with Atha Energy.

‘The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.

Three days later, the company announced it settled its outstanding debt with Atha Energy, issuing 802,809 common shares at a deemed price of C$0.135 per share.

Stallion’s shares registered a year-to-date high of C$0.25 on July 18.

Stallion released results from an electromagnetic survey on July 21 that further refined the Coyote target area.

5. Cameco (TSX:CCO)

Year-to-date gain: 45.96 percent
Market cap: C$47.21 billion
Share price: C$108.10

Sector major Cameco is a leading global uranium producer headquartered in Saskatoon, Saskatchewan. The company supplies uranium fuel for nuclear energy generation and holds significant assets across the nuclear fuel cycle, including 49 percent interests in Westinghouse Electric Company (NYSE:BBU) and Global Laser Enrichment.

In the Athabasca Basin, Cameco’s portfolio includes a majority interest in the Cigar Lake mine, the world’s top-producing uranium mine. The company also fully owns the McArthur River mine, another major high-grade deposit in the same region. Additionally, Cameco operates the Key Lake mill, which processes ore from both Cigar Lake and McArthur River.

Globally, Cameco owns the Crow Butte ISR operation in Nebraska and the Smith Ranch-Highland ISR operation in Wyoming. Both are currently in care and maintenance. In Kazakhstan, Cameco holds a 40 percent interest in the Inkai joint venture, a producing ISR uranium operation developed in partnership with state-owned Kazatomprom.

On June 6, Cameco announced an expected US$170 million increase in its 49 percent equity share of Westinghouse Electric Company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q2 and full year 2025. The projected gain is linked to Westinghouse’s involvement in building two nuclear reactors at the Dukovany power plant in the Czech Republic.

In its Q2 2025 results, released July 31, the company reported net earnings of C$321 million, adjusted net earnings of C$308 million and adjusted EBITDA of C$673 million — all significantly higher year-over-year in part because of the aforementioned share of Westinghouse’s EBITDA.

In its uranium segment, Cameco’s production totaled 4.6 million pounds, down from 7.1 million pounds in Q2 2024, due to planned maintenance at the Key Lake mill. However, its adjusted EBITDA for the segment increased by 43 percent year-over-year to C$352 million.

Cameco’s share price reached a year-to-date high of C$109.10 on July 25.

FAQs for investing in uranium