An infographic on the central bank’s website illustrates how Bitcoin came into existence, beginning with the release of its whitepaper in November 2008. The Bank of China’s website also notes that the first 50 bitcoins were mined in early 2009 when the genesis block was produced.
Bank of China explains why bitcoin’s value continues to rise
The bank’s infographic also points out that Florida resident Laszlo Hanyecz paid 10,000 BTC in 2010 for two pizzas. After covering basic information about Bitcoin, the Bank of China noted that Facebook is developing its own cryptocurrency, Libra.
According to the central bank, bitcoin’s value continues to appreciate due to its limited supply of 21 million, and it may serve as a store of value, especially for citizens of countries suffering from high levels of inflation.