The History of Bitcoin in One Chart (And it Says Nothing About Prices!)

An amazing chart from Morgan Stanley, cited by the Financial Times, sheds new light on the Bitcoin and cryptocurrency phenomenon. As is usually the case, good data and good stories are mutually reinforcing.

The chart alone doesn’t tell us why things are happening, or even entirely what things are happening. Instead, it helps understand what events in the real world were significant. And offers evidence to support hypotheses, whether about the past or the future.

Almost no piece of data from the chart is new, but seeing it laid out in one place is revealing.

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