In price action, the week began with Bitcoin closing the trading month of May at $9,446, just $39 shy of its intra-monthly high of $9,485. With traders aggressively buying, BTC’s price on BitMEX trampolined to $10,437 on June 1. BTC’s bull run was short-lived, but shows signs of gaining steam again.
It’s Friday, May 22, 2020, and two pizza pies cost $45.90 at Stromboli's, across from my apartment in New York City. But 10 years ago, in Florida, two pies from Papa John’s cost Laszlo Hanyecz about $41—or 10,000 bitcoins, which is how he paid. And how Bitcoin Pizza Day was born.
Late on Friday night, Harry Potter author J.K. Rowling tweeted: “I don’t understand Bitcoin. Please explain it to me.” It was an opportunity for the crypto community to offer a clear, direct explanation of why Bitcoin exists, why it’s worth so much, and how it differs from dollars and dimes. Crypto Twitter blew it.
The vast majority of the cryptocurrency community thinks Craig Wright is lying when he claims to have invented Bitcoin. This includes luminaries like Ethereum creator Vitalik Buterin, Binance exchange CEO Changpeng “CZ” Zhao, and many others who have reacted with rage to the Australian’s claims. That said, when people call Wright a liar, they generally refer to loads of proof without going into detail. So, we decided to dive into what proved to be a very deep pool.