In January 2009, bitcoin (BTC), launched by Satoshi Nakamoto, marked its 17th anniversary. Bitcoin, which emerged as a peer-to-peer electronic cash system, has now become a pillar of the global asset market as “digital gold.”

On Jan. 4, CoinPost, a blockchain outlet, reported that bitcoin was created amid Lehman Brothers' bankruptcy in 2008 and the global financial crisis. Distrust in central banks and the existing financial system grew at the time, highlighting the need for a decentralised digital currency, and bitcoin emerged as an alternative.

Satoshi’s development philosophy is made clear in the message left in the first block. In the genesis block, he embedded in code a front-page headline from Britain’s The Times: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This is seen as an indirect criticism of the financial crisis and central banks’ quantitative easing policies, and is cited as a historic record symbolising the rationale for bitcoin’s creation.

Bitcoin’s first transaction took place on Jan. 12, 2009, shortly after block generation, when Satoshi sent 50 BTC to developer Hal Finney. On May 22, 2010, an incident occurred in which 10,000 BTC was used to buy 2 pizzas, which went down in history as “Bitcoin Pizza Day,” the first time bitcoin proved its value as a physical currency.

Bitcoin’s standing has changed dramatically from its early days, when it had no value. In October 2025, it set a record high of 18 million yen per bitcoin, about 170 million won.

Over the past 17 years, bitcoin has demonstrated results despite numerous regulations and volatility. With approvals of spot exchange-traded funds (ETFs) and global companies accelerating their inclusion of bitcoin as an asset, there is an assessment that bitcoin is becoming an essential element of global financial markets.

Still, as it has grown, challenges remain. As inflows of large capital accelerate, the key question is how to strike a balance between the spirit of “decentralisation” advocated by Satoshi and “mainstream finance.” Attention is focused on whether bitcoin, nearing adulthood, can prove practical usefulness as an “alternative currency,” its original goal.