{
  "schema_version": "2.0",
  "dataset": "Bitcoin Historical Event Catalog",
  "identifier": "dfs:bitcoin-history-timeline:2.1.0",
  "version": "2.1.0",
  "date_modified": "2026-08-08",
  "canonical": "https://degrees-of-satoshi.pages.dev/history/data-and-sources/",
  "schema": "https://degrees-of-satoshi.pages.dev/history/data/v2.1.0/bitcoin-history-timeline.schema.json",
  "methodology": "https://degrees-of-satoshi.pages.dev/history/data-and-sources/#research-standards",
  "temporal_coverage": "1976/2025",
  "event_count": 26,
  "events": [
    {
      "id": "precursors",
      "chapter": "foundations",
      "record_number": "REC 01",
      "date": "1976",
      "start_date": "1976",
      "end_date": "2004",
      "date_precision": "year",
      "display_date": "1976—2004",
      "plane": "Pre-chain",
      "locator": "Papers / proposals",
      "title": "The parts existed before the system.",
      "summary": "Digital information is easy to copy. That is useful for communication and disastrous for money: if the same unit can be spent twice, somebody must decide which payment came first. Early electronic-cash systems usually solved this with a bank, issuer or registrar that maintained the authoritative record.",
      "sources": [
        {
          "label": "Public-key cryptography",
          "url": "https://ee.stanford.edu/~hellman/publications/24.pdf"
        },
        {
          "label": "Linked timestamping",
          "url": "https://doi.org/10.1007/BF00196791"
        },
        {
          "label": "Hashcash",
          "url": "http://www.hashcash.org/papers/hashcash.pdf"
        },
        {
          "label": "b-money archive",
          "url": "https://nakamotoinstitute.org/library/b-money/"
        }
      ],
      "related_pages": []
    },
    {
      "id": "white-paper",
      "chapter": "foundations",
      "record_number": "REC 02",
      "date": "2008-10-31",
      "start_date": "2008-10-31",
      "end_date": "2008-10-31",
      "date_precision": "day",
      "display_date": "31 October 2008",
      "plane": "Protocol",
      "locator": "Mailing list / white paper",
      "title": "A nine-page paper proposes electronic cash without a trusted third party.",
      "summary": "A message signed “Satoshi Nakamoto” arrived on the Cryptography Mailing List with a link to Bitcoin: A Peer-to-Peer Electronic Cash System. Its central proposal was a public timestamp chain secured by proof-of-work. Transactions would be broadcast to peers; miners would order them into blocks; nodes would accept the valid history backed by the greatest cumulative work.",
      "sources": [
        {
          "label": "Original mailing-list announcement",
          "url": "https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html"
        },
        {
          "label": "Read the white paper",
          "url": "https://bitcoin.org/bitcoin.pdf"
        }
      ],
      "related_pages": [
        {
          "label": "Investigate Bitcoin’s origins",
          "url": "https://degrees-of-satoshi.pages.dev/history/origins-of-bitcoin/"
        }
      ]
    },
    {
      "id": "genesis-block",
      "chapter": "launch",
      "record_number": "REC 03",
      "date": "2009-01-03",
      "start_date": "2009-01-03",
      "end_date": "2009-01-03",
      "date_precision": "day",
      "display_date": "3 January 2009",
      "plane": "On-chain",
      "locator": "HEIGHT 0 / GENESIS BLOCK",
      "title": "The genesis block fixes a starting point.",
      "summary": "Bitcoin’s first block established the reference point from which every later block descends. Its header records a UTC timestamp of 18:15:05. Inside the coinbase data, Satoshi placed a headline from that day’s Times: “Chancellor on brink of second bailout for banks.” The headline proves the block could not have been created before the newspaper appeared; it also tied Bitcoin’s beginning to the banking-crisis era without conclusively explaining every motive behind the project.",
      "sources": [
        {
          "label": "Inspect block 0",
          "url": "https://blockstream.info/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f"
        }
      ],
      "related_pages": [
        {
          "label": "Trace the genesis output",
          "url": "https://degrees-of-satoshi.pages.dev/wallet/genesis-block-coinbase-block-0/"
        },
        {
          "label": "Decode the complete origin record",
          "url": "https://degrees-of-satoshi.pages.dev/history/origins-of-bitcoin/"
        }
      ]
    },
    {
      "id": "first-transaction",
      "chapter": "launch",
      "record_number": "REC 04",
      "date": "2009-01-12",
      "start_date": "2009-01-08",
      "end_date": "2009-01-12",
      "date_precision": "day",
      "display_date": "8—12 January 2009",
      "plane": "Network launch",
      "locator": "HEIGHT 170 / TX f4184f…9e16",
      "title": "Independent peers turn code into a network.",
      "summary": "Satoshi announced the first public software release on 8 January. Early users ran both wallet and node functions on ordinary computers, relaying transactions, checking signatures and competing to mine blocks with CPUs. Four days later, block 170 recorded a 10 BTC transfer from Satoshi to cryptographer Hal Finney.",
      "sources": [
        {
          "label": "v0.1 announcement",
          "url": "https://satoshi.nakamotoinstitute.org/emails/cryptography/16/"
        },
        {
          "label": "Block 170",
          "url": "https://www.blockchain.com/explorer/blocks/btc/170"
        },
        {
          "label": "Hal Finney’s account",
          "url": "https://bitcointalk.org/index.php?topic=155054.msg1644175"
        }
      ],
      "related_pages": []
    },
    {
      "id": "pizza-day",
      "chapter": "launch",
      "record_number": "REC 05",
      "date": "2010-05-22",
      "start_date": "2010-05-22",
      "end_date": "2010-05-22",
      "date_precision": "day",
      "display_date": "22 May 2010",
      "plane": "Market",
      "locator": "10,000 BTC / forum agreement",
      "title": "Two pizzas make exchange value visible.",
      "summary": "Programmer Laszlo Hanyecz offered 10,000 BTC to anyone who would arrange the delivery of two pizzas. Another forum user accepted. It was not necessarily the first exchange involving bitcoin, but it became the first widely documented purchase of physical goods with it.",
      "sources": [
        {
          "label": "Original BitcoinTalk thread",
          "url": "https://bitcointalk.org/index.php?topic=137.0"
        }
      ],
      "related_pages": []
    },
    {
      "id": "overflow-bug",
      "chapter": "launch",
      "record_number": "REC 06",
      "date": "2010-08-15",
      "start_date": "2010-08-15",
      "end_date": "2010-08-15",
      "date_precision": "day",
      "display_date": "15 August 2010",
      "plane": "Consensus",
      "locator": "INCIDENT AT HEIGHT 74,638 / PATCH 76793dc",
      "title": "A critical bug reveals that consensus is still software.",
      "summary": "A malformed transaction exploited an arithmetic overflow and created outputs totaling more than 184 billion BTC—far beyond the intended supply. Developers released a fix within hours. As upgraded participants accumulated more work on the corrected history, nodes abandoned the chain containing the invalid creation.",
      "sources": [
        {
          "label": "Contemporaneous incident report",
          "url": "https://bitcointalk.org/index.php?topic=822.0"
        },
        {
          "label": "Patch discussion",
          "url": "https://bitcointalk.org/index.php?topic=827.0"
        }
      ],
      "related_pages": [
        {
          "label": "Compare the consensus incident record",
          "url": "https://degrees-of-satoshi.pages.dev/history/bitcoin-consensus-incidents/"
        }
      ]
    },
    {
      "id": "satoshi-leaves",
      "chapter": "launch",
      "record_number": "REC 07",
      "date": "2011-04-23",
      "start_date": "2011-04-23",
      "end_date": "2011-04-23",
      "date_precision": "day",
      "display_date": "23 April 2011",
      "plane": "Governance",
      "locator": "Email archive / BIP 1",
      "title": "Bitcoin continues without Satoshi’s public direction.",
      "summary": "In one of the final known messages, Satoshi told developer Mike Hearn that the project was “in good hands with Gavin and everyone.” Responsibility for maintenance and discussion had already begun to spread among contributors. Satoshi’s exit removed a uniquely authoritative voice but did not remove the need for coordination.",
      "sources": [
        {
          "label": "Mike Hearn’s email archive",
          "url": "https://plan99.net/~mike/satoshi-emails/thread5.html"
        },
        {
          "label": "BIP 1: the proposal process",
          "url": "https://bips.dev/1/"
        }
      ],
      "related_pages": []
    },
    {
      "id": "halving-one",
      "chapter": "infrastructure",
      "record_number": "REC 08",
      "date": "2012-11-28",
      "start_date": "2012-11-28",
      "end_date": "2012-11-28",
      "date_precision": "day",
      "display_date": "28 November 2012",
      "plane": "Issuance",
      "locator": "HEIGHT 210,000 / MAX SUBSIDY 50 → 25 BTC",
      "title": "The subsidy falls from 50 BTC to 25 BTC.",
      "summary": "After 210,000 blocks, the issuance rule reduced the maximum subsidy available to a miner by half. No committee announced a new rate. Nodes running compatible rules simply rejected any block that claimed more than 25 new BTC after the boundary.",
      "sources": [
        {
          "label": "Inspect block 210,000",
          "url": "https://www.blockchain.com/explorer/blocks/btc/210000"
        }
      ],
      "related_pages": []
    },
    {
      "id": "chain-split-2013",
      "chapter": "infrastructure",
      "record_number": "REC 09",
      "date": "2013-03-11",
      "start_date": "2013-03-11",
      "end_date": "2013-03-11",
      "date_precision": "day",
      "display_date": "11 March 2013",
      "plane": "Consensus",
      "locator": "BIP 50 / BITCOIN 0.7–0.8",
      "title": "Two software generations temporarily disagree.",
      "summary": "A block accepted by Bitcoin 0.8 nodes exceeded an undocumented database constraint in older 0.7 software. For several hours, the network built two incompatible histories. Developers and mining-pool operators coordinated a temporary return to the older branch, allowing the network to converge while a safer upgrade path was prepared.",
      "sources": [
        {
          "label": "BIP 50 post-mortem",
          "url": "https://bips.dev/50/"
        }
      ],
      "related_pages": [
        {
          "label": "Source-level incident history",
          "url": "https://degrees-of-satoshi.pages.dev/history/bitcoin-consensus-incidents/"
        }
      ]
    },
    {
      "id": "fincen-guidance",
      "chapter": "infrastructure",
      "record_number": "REC 10",
      "date": "2013-03-18",
      "start_date": "2013-03-18",
      "end_date": "2013-03-18",
      "date_precision": "day",
      "display_date": "18 March 2013",
      "plane": "Law & policy",
      "locator": "FIN-2013-G001",
      "title": "Regulators distinguish users from money transmitters.",
      "summary": "The U.S. Financial Crimes Enforcement Network issued guidance for “decentralized virtual currencies.” A person using virtual currency to buy goods or services was not treated as a money-services business merely for that use. Administrators or exchangers accepting and transmitting value could, depending on their activity, be money transmitters subject to registration and anti-money-laundering obligations.",
      "sources": [
        {
          "label": "FinCEN guidance",
          "url": "https://www.fincen.gov/resources/statutes-regulations/guidance/application-fincens-regulations-persons-administering"
        }
      ],
      "related_pages": []
    },
    {
      "id": "silk-road",
      "chapter": "infrastructure",
      "record_number": "REC 11",
      "date": "2013-10",
      "start_date": "2013-10",
      "end_date": "2013-10",
      "date_precision": "month",
      "display_date": "October 2013",
      "plane": "Law & policy",
      "locator": "DOJ PRESS RELEASE",
      "title": "A seizure places Bitcoin inside a major criminal case.",
      "summary": "U.S. authorities arrested Silk Road operator Ross Ulbricht and seized infrastructure associated with the online market. Later that month, prosecutors announced the seizure of additional bitcoin controlled through keys obtained in the case. The event brought intense attention to bitcoin’s use in illicit commerce.",
      "sources": [
        {
          "label": "U.S. Department of Justice record",
          "url": "https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php"
        }
      ],
      "related_pages": []
    },
    {
      "id": "mt-gox",
      "chapter": "infrastructure",
      "record_number": "REC 12",
      "date": "2014-02-28",
      "start_date": "2014-02-28",
      "end_date": "2014-02-28",
      "date_precision": "day",
      "display_date": "28 February 2014",
      "plane": "Custody",
      "locator": "Civil rehabilitation / Japan",
      "title": "The dominant exchange collapses; the distinction between bitcoin and an IOU becomes unavoidable.",
      "summary": "Mt. Gox had grown from a trading-card exchange into the most important venue for bitcoin trading. After suspending withdrawals and taking its website offline, the company applied for Japanese civil rehabilitation, reporting enormous bitcoin and cash shortfalls. Its initial figures changed as assets were later located and investigations continued, but the customer damage was profound.",
      "sources": [
        {
          "label": "Original filing announcement",
          "url": "https://www.mtgox.com/img/pdf/20140228-announcement_eng.pdf"
        },
        {
          "label": "Official proceedings archive",
          "url": "https://www.mtgox.com/"
        }
      ],
      "related_pages": [
        {
          "label": "Read the Mt. Gox evidence dossier",
          "url": "https://degrees-of-satoshi.pages.dev/history/mt-gox-collapse/"
        }
      ]
    },
    {
      "id": "halving-two",
      "chapter": "infrastructure",
      "record_number": "REC 13",
      "date": "2016-07-09",
      "start_date": "2016-07-09",
      "end_date": "2016-07-09",
      "date_precision": "day",
      "display_date": "9 July 2016",
      "plane": "Issuance",
      "locator": "HEIGHT 420,000 / MAX SUBSIDY 25 → 12.5 BTC",
      "title": "The subsidy falls again, to 12.5 BTC.",
      "summary": "Another 210,000-block interval completed and nodes began enforcing the next reward limit. By this point, mining was an industrial business and exchanges served a global market. The same issuance rule that had operated among hobbyists now constrained a much larger economy.",
      "sources": [
        {
          "label": "Inspect block 420,000",
          "url": "https://www.blockchain.com/explorer/blocks/btc/420000"
        }
      ],
      "related_pages": []
    },
    {
      "id": "segwit",
      "chapter": "governance",
      "record_number": "REC 14",
      "date": "2017-08-24",
      "start_date": "2015",
      "end_date": "2017-08-24",
      "date_precision": "day",
      "display_date": "2015—24 August 2017",
      "plane": "Consensus",
      "locator": "BIP 141 / HEIGHT 481,824",
      "title": "One dispute produces a protocol upgrade, a new chain and a lasting argument.",
      "summary": "Bitcoin’s original one-megabyte block limit constrained how much transaction data could be confirmed at once. Advocates of larger blocks emphasized throughput and lower on-chain fees. Opponents argued that continually increasing bandwidth, storage and validation requirements would make it harder for ordinary users to run independent nodes, weakening the system’s ability to resist invalid rule changes.",
      "sources": [
        {
          "label": "BIP 141: SegWit",
          "url": "https://bips.dev/141/"
        },
        {
          "label": "Bitcoin Core explanation",
          "url": "https://bitcoincore.org/en/2016/01/26/segwit-benefits/"
        },
        {
          "label": "Activation record",
          "url": "https://bitcoinannotated.com/entries/segwit-activation/"
        },
        {
          "label": "Fork chronology",
          "url": "https://www.sec.gov/Archives/edgar/data/1588489/000119312519326175/d845671dex991.htm"
        }
      ],
      "related_pages": [
        {
          "label": "Investigate the block size war",
          "url": "https://degrees-of-satoshi.pages.dev/history/bitcoin-block-size-war/"
        }
      ]
    },
    {
      "id": "lightning",
      "chapter": "governance",
      "record_number": "REC 15",
      "date": "2016",
      "start_date": "2016",
      "end_date": "2018",
      "date_precision": "year",
      "display_date": "2016 proposal—2018 launch",
      "plane": "Second layer",
      "locator": "LIGHTNING SPECIFICATION / 2016–2018",
      "title": "Payment channels move repeated activity away from the base layer.",
      "summary": "Lightning participants lock bitcoin into an on-chain channel, exchange updated balances off-chain and retain the ability to enforce the latest valid state on-chain. A network of channels can route payments between people who do not share a direct channel, enabling fast, small transfers without recording every balance update in a block.",
      "sources": [
        {
          "label": "Lightning Network documentation",
          "url": "https://lightning.network/docs/"
        }
      ],
      "related_pages": []
    },
    {
      "id": "cme-futures",
      "chapter": "governance",
      "record_number": "REC 16",
      "date": "2017-12-17",
      "start_date": "2017-12-17",
      "end_date": "2017-12-18",
      "date_precision": "day",
      "display_date": "17—18 December 2017",
      "plane": "Market",
      "locator": "CME / 18 DEC 2017",
      "title": "Bitcoin price risk enters a major futures venue.",
      "summary": "CME launched cash-settled bitcoin futures for the 18 December trade date, shortly after Cboe introduced its own contract. The products allowed professional participants to hedge or take a view on bitcoin’s dollar price within regulated derivatives markets.",
      "sources": [
        {
          "label": "CME launch notice",
          "url": "https://www.cmegroup.com/media-room/press-releases/2017/12/01/cme_group_self-certifiesbitcoinfuturestolaunchdec18.html"
        }
      ],
      "related_pages": []
    },
    {
      "id": "halving-three",
      "chapter": "governance",
      "record_number": "REC 17",
      "date": "2020-05-11",
      "start_date": "2020-05-11",
      "end_date": "2020-05-11",
      "date_precision": "day",
      "display_date": "11 May 2020",
      "plane": "Issuance",
      "locator": "HEIGHT 630,000 / MAX SUBSIDY 12.5 → 6.25 BTC",
      "title": "The subsidy falls to 6.25 BTC.",
      "summary": "Bitcoin entered its fourth issuance era. At the protocol’s target pace of 144 blocks per day, expected new issuance fell from roughly 1,800 to 900 BTC per day. Actual daily issuance varies because actual block production varies.",
      "sources": [
        {
          "label": "Inspect block 630,000",
          "url": "https://www.blockchain.com/explorer/blocks/btc/630000"
        }
      ],
      "related_pages": []
    },
    {
      "id": "corporate-treasury",
      "chapter": "governance",
      "record_number": "REC 18",
      "date": "2020-08-11",
      "start_date": "2020-08-11",
      "end_date": "2020-08-11",
      "date_precision": "day",
      "display_date": "11 August 2020",
      "plane": "Corporate treasury",
      "locator": "SEC 8-K / 21,454 BTC",
      "title": "A public company makes bitcoin a primary reserve asset.",
      "summary": "MicroStrategy disclosed that it had purchased 21,454 BTC for $250 million and adopted bitcoin as a primary treasury reserve asset. The company framed the decision as a response to its view of long-term risks to cash; that rationale was a corporate judgment, not a property guaranteed by the protocol.",
      "sources": [
        {
          "label": "SEC filing",
          "url": "https://www.sec.gov/Archives/edgar/data/1050446/000119312520215604/d921849d8k.htm"
        }
      ],
      "related_pages": []
    },
    {
      "id": "china-mining-shift",
      "chapter": "institutions",
      "record_number": "REC 19",
      "date": "2021-06",
      "start_date": "2021-05",
      "end_date": "2021-07",
      "date_precision": "month",
      "display_date": "May—July 2021",
      "plane": "Mining",
      "locator": "CAMBRIDGE ESTIMATES / MAY–JULY 2021",
      "title": "Physical infrastructure migrates while the chain continues.",
      "summary": "Chinese authorities intensified restrictions on cryptocurrency mining, and a large share of reported hash rate went offline or moved elsewhere. Bitcoin’s block production slowed until the protocol’s periodic difficulty adjustments reduced the work target, after which the network returned toward its intended cadence.",
      "sources": [
        {
          "label": "Cambridge Centre for Alternative Finance",
          "url": "https://www.jbs.cam.ac.uk/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/"
        }
      ],
      "related_pages": []
    },
    {
      "id": "el-salvador-law",
      "chapter": "institutions",
      "record_number": "REC 20",
      "date": "2021-09-07",
      "start_date": "2021-09-07",
      "end_date": "2021-09-07",
      "date_precision": "day",
      "display_date": "7 September 2021",
      "plane": "Law & policy",
      "locator": "DECREE 57 / EFFECTIVE 7 SEP 2021",
      "title": "A country makes bitcoin legal tender alongside the U.S. dollar.",
      "summary": "El Salvador’s Bitcoin Law took effect ninety days after publication. It required economic agents, with stated exceptions, to accept bitcoin when offered and created a government-backed conversion mechanism. The state promoted a custodial wallet called Chivo and funded infrastructure intended to reduce exchange-rate friction for users.",
      "sources": [
        {
          "label": "Legislative Assembly announcement",
          "url": "https://www.asamblea.gob.sv/node/11282"
        },
        {
          "label": "Law text",
          "url": "https://www.invest.gob.sv/documents/Resources/invest-el-salvador-bitcoin-law-en.pdf"
        }
      ],
      "related_pages": [
        {
          "label": "Reserve wallet history",
          "url": "https://degrees-of-satoshi.pages.dev/wallet/el-salvador-national-bitcoin-office-onbtc-reserve/"
        },
        {
          "label": "Read the law and reform dossier",
          "url": "https://degrees-of-satoshi.pages.dev/history/el-salvador-bitcoin-law/"
        }
      ]
    },
    {
      "id": "taproot",
      "chapter": "institutions",
      "record_number": "REC 21",
      "date": "2021-11-14",
      "start_date": "2021-11-14",
      "end_date": "2021-11-14",
      "date_precision": "day",
      "display_date": "14 November 2021",
      "plane": "Consensus",
      "locator": "BIP 341 / HEIGHT 709,632",
      "title": "Schnorr signatures and selective revelation expand the scripting toolkit.",
      "summary": "Taproot introduced a new output type built around Schnorr signatures. A cooperative spend can use a compact key path; alternative conditions can be arranged in a tree and reveal only the branch actually used. Tapscript also created a more adaptable foundation for future script changes.",
      "sources": [
        {
          "label": "BIP 341",
          "url": "https://bips.dev/341/"
        },
        {
          "label": "Bitcoin Optech explainer",
          "url": "https://bitcoinops.org/en/topics/taproot/"
        },
        {
          "label": "Activation block",
          "url": "https://blockstream.info/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244"
        }
      ],
      "related_pages": []
    },
    {
      "id": "ftx-collapse",
      "chapter": "institutions",
      "record_number": "REC 22",
      "date": "2022-11",
      "start_date": "2022-11",
      "end_date": "2022-11",
      "date_precision": "month",
      "display_date": "November 2022",
      "plane": "Custody",
      "locator": "FEDERAL CASE RECORDS / 2022–2023",
      "title": "Another intermediary failure repeats an old lesson at a larger institutional scale.",
      "summary": "Cryptocurrency exchange FTX entered bankruptcy after a liquidity crisis exposed severe problems in the handling of customer assets. U.S. prosecutors later alleged fraud, money laundering and campaign-finance offences; founder Sam Bankman-Fried was convicted on fraud and conspiracy counts in 2023.",
      "sources": [
        {
          "label": "Federal indictment",
          "url": "https://www.justice.gov/archives/opa/pr/ftx-founder-indicted-fraud-money-laundering-and-campaign-finance-offenses"
        },
        {
          "label": "Conviction record",
          "url": "https://www.justice.gov/usao-sdny/pr/statement-us-attorney-damian-williams-conviction-samuel-bankman-fried"
        }
      ],
      "related_pages": []
    },
    {
      "id": "spot-etps",
      "chapter": "institutions",
      "record_number": "REC 23",
      "date": "2024-01-10",
      "start_date": "2023-08-29",
      "end_date": "2024-01-10",
      "date_precision": "day",
      "display_date": "29 August 2023—10 January 2024",
      "plane": "Financial wrapper",
      "locator": "D.C. CIRCUIT OPINION / SEC STATEMENT",
      "title": "A court ruling forces reconsideration; exchange listings follow.",
      "summary": "The U.S. Securities and Exchange Commission had repeatedly rejected proposals for exchange-traded products holding spot bitcoin while permitting products based on bitcoin futures. In August 2023, the D.C. Circuit ruled that the agency had not adequately explained its different treatment of Grayscale’s proposal and vacated the denial.",
      "sources": [
        {
          "label": "D.C. Circuit opinion",
          "url": "https://media.cadc.uscourts.gov/opinions/docs/2023/08/22-1142-2014527.pdf"
        },
        {
          "label": "SEC Chair’s statement",
          "url": "https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023"
        }
      ],
      "related_pages": []
    },
    {
      "id": "halving-four",
      "chapter": "institutions",
      "record_number": "REC 24",
      "date": "2024-04-20",
      "start_date": "2024-04-20",
      "end_date": "2024-04-20",
      "date_precision": "day",
      "display_date": "20 April 2024",
      "plane": "Issuance",
      "locator": "HEIGHT 840,000 / MAX SUBSIDY 6.25 → 3.125 BTC",
      "title": "The subsidy falls to 3.125 BTC per block.",
      "summary": "Bitcoin entered its fifth subsidy era at 00:09:27 UTC according to the block header timestamp. At the target pace of 144 blocks per day, expected new issuance fell to about 450 BTC per day—one sixteenth of the launch-era rate.",
      "sources": [
        {
          "label": "Inspect block 840,000",
          "url": "https://www.blockchain.com/en/explorer/blocks/btc/840000"
        }
      ],
      "related_pages": []
    },
    {
      "id": "el-salvador-reform",
      "chapter": "institutions",
      "record_number": "REC 25",
      "date": "2025-01-29",
      "start_date": "2025-01-29",
      "end_date": "2025-01-30",
      "date_precision": "day",
      "display_date": "29—30 January 2025",
      "plane": "Law & policy",
      "locator": "DECREE 199 / EFFECTIVE 30 APR 2025",
      "title": "The legal-tender regime is narrowed.",
      "summary": "As prior actions under an International Monetary Fund program, legislative reforms made private-sector bitcoin acceptance voluntary, returned tax payments to U.S. dollars and constrained public-sector participation. The IMF described the amendments as removing essential features of bitcoin’s legal-tender status.",
      "sources": [
        {
          "label": "Legislative decree index",
          "url": "https://www.asamblea.gob.sv/leyes-y-decretos/decretos-por-anios/2025/0disponible"
        },
        {
          "label": "IMF country report",
          "url": "https://www.elibrary.imf.org/view/journals/002/2025/058/article-A001-en.xml"
        }
      ],
      "related_pages": [
        {
          "label": "Compare the 2021 law and 2025 reform",
          "url": "https://degrees-of-satoshi.pages.dev/history/el-salvador-bitcoin-law/"
        }
      ]
    },
    {
      "id": "strategic-reserve",
      "chapter": "institutions",
      "record_number": "REC 26",
      "date": "2025-03-06",
      "start_date": "2025-03-06",
      "end_date": "2025-03-06",
      "date_precision": "day",
      "display_date": "6 March 2025",
      "plane": "Law & policy",
      "locator": "Executive order / 6 Mar 2025",
      "title": "An executive order establishes a federal holding policy for forfeited bitcoin.",
      "summary": "A U.S. executive order created a Strategic Bitcoin Reserve initially capitalized with bitcoin already owned by the federal government through final forfeiture. It directed that deposited reserve BTC not be sold and called for an accounting of federal digital-asset holdings.",
      "sources": [
        {
          "label": "Executive order",
          "url": "https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/"
        }
      ],
      "related_pages": []
    }
  ]
}
