Bitcoin (BTC) has spent more than a decade at the center of the cryptocurrency market. As the pioneer of the space and the inspiration for the thousands of coins that followed it, it has played a defining role in shaping how the public views digital assets. A recent article from The Market Periodical looks back at the periods in Bitcoin's history that offered the most favorable moments to add the asset to a portfolio, arguing that recognizing these turning points can help investors develop better strategies.

The publication notes that investing in cryptocurrencies involves more than understanding how to buy Bitcoin; knowing when to invest has been equally important. Because Bitcoin offered, for the first time, an alternative to fiat money, it attracted significant market interest soon after its debut. Over the years, several distinct moments have stood out as strong entry periods, and participants in some of them benefited from what the article describes as life-changing profits.

The early adoption (2009-2010)

At first, Bitcoin was little more than a whisper, and many considered it a scam. The project originated in an October 2008 whitepaper published under the pseudonym Satoshi Nakamoto, and its first block, mined in January 2009, embedded a reference to a newspaper headline about bank bailouts — a reflection of the financial strain of that era. The asset was the first to offer an alternative to fiat money, emerging at a moment when the world was facing economic challenges and, the article suggests, when people needed such an alternative most. Because it was so unlike anything that came before it, most investors were reluctant to commit.

In hindsight, the publication describes this as the best and smartest moment to invest in Bitcoin. Its price was only a fraction of a cent, fluctuating between $0.001 and $0.40. Measured against the price of BTC today, the profit potential for early buyers was enormous. Those who recognized Bitcoin's potential in its earliest stages reaped massive asymmetric returns as the niche market for a handful of enthusiasts grew into one that attracted worldwide attention.

Today, Bitcoin stands as the leading cryptocurrency by market capitalization, and the article argues it will forever retain its first-mover advantage, positioning it above all other digital coins. Another structural feature working in Bitcoin's favor is its capped supply of 21 million tokens, which benefits from scarcity; new coins enter circulation through mining at a rate that is automatically cut in half roughly every four years. In the publication's view, this makes it a strong hedge against inflation and currency devaluation.

The first bubble collapse (late 2011-2012)

Late 2011 through 2012 was another period the article identifies as a good time to invest. It coincided with the collapse of Bitcoin's first bubble, which was triggered by several converging factors. At the beginning of 2011, Bitcoin had attracted broader public interest as it traded around $30. Caution nonetheless prevailed, particularly after exchange hacks stoked fears that cybercriminals might steal users' crypto. Negative market conditions at the time further fueled the already volatile nature of cryptocurrencies. Things changed soon afterward, when prices plummeted to $1,200 in November 2013. The episode also gave the young market its first full taste of a boom-and-bust cycle, a pattern that would recur throughout the years that followed.

The Mt. Gox attack and the crypto winter (2014-2016)

Bitcoin's journey remained filled with ups and downs, and the article singles out the crypto winter that followed the Mt. Gox attack as another pivotal episode. Mt. Gox, a Tokyo-based exchange that at its peak handled the majority of global Bitcoin trades, filed for bankruptcy in February 2014 after disclosing the loss of roughly 850,000 BTC, most of which belonged to customers. The exploit of the prominent exchange caused the price of BTC to collapse and fundamentally changed public perception. Having witnessed the failure of a major crypto exchange, investors no longer trusted the system, and this breakdown of confidence made many afraid to invest in cryptocurrencies.

The downturn proved longer-lasting than earlier ones, triggering a bear market during which BTC traded at depressed levels because of limited public interest. In April 2014, BTC was valued at around $360, and the slide deepened in January 2015, when it dropped to $170. The publication frames this stretch as another opportune time to, coming as it did ahead of a landmark moment in Bitcoin's evolution: December 2017, when BTC reached a new all-time high of $20,000.

The collapse after its big momentum (late 2018-early 2019)

After that peak, Bitcoin fell again, and a new crypto winter set in in 2018. The asset's lowest point came in December 2018, when the price touched $3,600. Investors who had lost confidence adopted a more cautious approach to crypto. The market then turned, and Bitcoin reached $13,000 in mid-2019.

Collapse due to the pandemic (March 2020)

Few anticipated that a pandemic would strike the world and disrupt so many areas of life, and COVID-19 inevitably affected Bitcoin as well. The resulting collapse drove its value below $4,000 in March 2020, a drop that came amid a worldwide market rout that swept up equities and other risk assets as well. As people stayed home and many lost their jobs, however, conditions began to turn in Bitcoin's favor at the end of 2020. The recovery carried the asset a new all-time high of $68,000 in November 2021.

Another bear market (2022)

The year 2022 brought another bear market as the world grappled with high inflation and rising interest rates. The industry itself was also shaken during the year, with the May collapse of the Terra ecosystem and the November bankruptcy of the FTX exchange among the era's failures. Bitcoin's price fell below $20,000, a level not seen since 2020. Fearing potential losses, investors grew anxious, and many began selling their BTC. As it had after earlier downturns, the publication notes, BTC staged a momentous comeback, ultimately surpassing the $100,000 milestone for the first time in December 2024.

Is history repeating itself?

According to the article, Bitcoin's history is a story of resilience. Despite repeated cycles of boom and bust, it has remained the leading cryptocurrency and has repeatedly bounced back, each time attracting even more interest. The market around it has matured as well: in January 2024, US regulators approved the first spot Bitcoin exchange-traded funds, opening a path to exposure through conventional brokerage accounts, and the issuance schedule underpinning its fixed supply produced its latest halving in April 2024, with the next reduction expected around 2028. The publication points to the many occasions on which the price of Bitcoin fell, only to come back stronger than ever, as evidence that periods of decline have tended to precede the largest profits.

Understanding this history, the article argues, can help investors recognize recurring patterns and make more informed investment decisions. It closes by positioning Bitcoin as the leading cryptocurrency and, in the publication's assessment, the smartest choice for investors looking to add cryptocurrencies to their portfolios.