In Echo of Bitcoin's Genesis, Mining Pool Embeds Reuters Headline on the Blockchain

Slush Pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.

AccessTimeIconDec 3, 2020 at 1:36 p.m. UTC
Updated Sep 14, 2021 at 10:37 a.m. UTC

A cryptocurrency mining pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.

  • Slush Pool, which recorded block 659678 on the chain on Wednesday, included the headline: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” in one of the data fields.
  • Reuters' article, juxtaposing ailing cash alongside the surging bitcoin cryptocurrency, is being seen as an echo of pseudonymous Bitcoin inventor Satoshi Nakamoto's famous inclusion in the cryptocurrency's genesis block.
  • The very first block mined for bitcoin was embedded with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," in a presumed reflection of Satoshi's view on the risks of fractional-reserve banking.
  • Bitcoin and the U.S. dollar have been moving in opposite directions since March this year, with USD today having hit its lowest value since April 2018.
  • The dropping dollar and expectations of rising inflation as central banks undertake unprecedented money-supply boosting policies amid the pandemic are seen as a growing reason to adopt bitcoin as a hedge like gold.
  • Amid this scenario, bitcoin reached a new record high of $19,920 on Dec. 1, helped along by listed firms starting to invest in the cryptocurrency as a treasury asset.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC