October 31 marks the 17th anniversary of the publication of the Bitcoin White Paper, a pivotal document that laid the foundation for the revolutionary cryptocurrency. The U.S. Treasury Secretary did not miss this opportunity to acknowledge the milestone, albeit with a hint of irony, as the U.S. government has been shut down for a month now. Should this continue for five more days, 2025 would witness the largest government shutdown in history.
U.S. Treasury Secretary and Bitcoin
On October 31, 2008, Nakamoto shared the Bitcoin White Paper with an email list, heralding a major innovation under the title “Bitcoin: A Peer-to-Peer Electronic Cash System.” Essentially, it introduced a concept of a decentralized electronic currency that could operate without a financial institution, employing miners and proof-of-work to prevent double-spending.
The nine-page document hinted at a trustless “new thing,” which initially garnered faith from a few believers. However, today, Bitcoin’s market cap marks trillions, illustrating its immense growth and acceptance.
Bitcoin has consistently operated through the power of miners, never experiencing shutdown. U.S. Treasury Secretary Bessent referenced this in a satirical post from the X account, which reads as follows:
“Seventeen years post the White Paper release, the Bitcoin network remains active and resilient as ever. Bitcoin never shuts down.
Senate Democrats could learn something from this.” – Treasury Secretary Bessent
The government shutdown persists, fueled in part by the Democrats leveraging the situation to pressure Trump into concessions. With flights now being delayed, further protraction will only inflict more harm on the economy and the American populace.
