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Brian Armstrong, CEO of the Coinbase, took to X (formerly Twitter) on October 5 to share a striking reflection: 16 years ago, $1 could buy roughly 1,309 Bitcoin (BTC).
16 years ago today you could buy 1,309 BTC for $1.
This is the first recorded dollar valuation of Bitcoin, calculated by electricity cost to mine Bitcoin at the time.
The people crazy enough to think they can change the world are the ones who do. pic.twitter.com/t1qW0NbFKn
— Brian Armstrong (@brian_armstrong) October 5, 2025
Armstrong used the moment to highlight the importance of long-term vision in technology and innovation, writing:
“It’s the people who truly believe they can change the world who actually do.”
From Bitcoin’s Origins to Coinbase’s Founding
The figure Armstrong referenced dates back to around 2009, when Bitcoin was a niche project known only among a handful of developers. At the time, Bitcoin’s “value” wasn’t set by any market but estimated based on the electricity cost to mine one BTC, leading some early enthusiasts to calculate that 1 BTC was worth less than a penny.
Armstrong founded Coinbase in 2012, with a mission to make buying cryptocurrency as simple as purchasing stocks.
Back then, purchasing Bitcoin required technical knowledge, manual wallet setups, and complex international transfers.
Coinbase revolutionized this process by allowing users to buy Bitcoin directly from U.S. bank accounts, while adhering to KYC (Know Your Customer) and U.S. financial regulations.
This compliance-first approach not only helped legitimize the crypto industry in the eyes of regulators but also made Coinbase one of the most trusted global cryptocurrency exchanges, now serving over 100 million users worldwide.
