Hal Finney and Bitcoin's Journey to Wall Street: 15 Years of a Dream Come True

When Hal Finney wrote “Running Bitcoin” on January 11, 2009, few imagined that this simple message would mark the beginning of a financial revolution. Finney, a renowned cypherpunk and digital privacy advocate, became the first person to receive Bitcoin after downloading the original software just two days after that iconic tweet. His vision transcends time: he once estimated that each of the 21 million coins could reach an extraordinary value, a prediction that is now gaining renewed relevance.

The Silent Pioneer Who Foretold the Future of Hal Finney

Finney was not just a passive observer of the cryptographic revolution. He maintained direct correspondence with Satoshi Nakamoto, the anonymous creator of Bitcoin, exchanging ideas about the revolutionary protocol. His early involvement in the network and his trust in the project positioned him as one of the biggest believers in digital currency, long before Wall Street took notice. Although Finney passed away in August 2014, his legacy remains as a testament to the vision that motivated early adopters: creating a decentralized, censorship-resistant monetary system free from institutional control.

Two Decades of Regulatory Skepticism Finally Overcome

If Finney’s 2009 tweet represented hope, the following years testified to a long road of regulatory frustration. In 2013, Gemini founders Cameron and Tyler Winklevoss submitted the first application for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC), only to be immediately rejected. Grayscale, on the other hand, has fought since 2017 to convert its trust into a regulated ETF, facing rejection after rejection from U.S. regulators.

But in January 2024, exactly 15 years after Finney’s original tweet, the SEC finally approved multiple Bitcoin products. Among the authorized providers are giants like BlackRock and Fidelity, along with Grayscale’s popular Bitcoin Trust. These financial institutions—once unimaginable as custodians of digital assets—now offer regulated access to Bitcoin. Fees vary significantly: some providers like ARK, Bitwise, and Invesco offer zero fees during initial periods, while Grayscale charges 1.5%, reflecting emerging competition in this new segment.

From Anti-System Activism to Institutional Legitimacy

What is particularly ironic is Bitcoin’s trajectory from its inception. Finney and Nakamoto envisioned a protocol operating outside traditional banking circles—a truly peer-to-peer money system that would bypass intermediaries. However, mass adoption on Wall Street signals a definitive shift: Bitcoin now positions itself as an alternative asset with broad growth potential within the established financial ecosystem. Regulated products allow investors and institutions to gain exposure without the technical risks of managing personal wallets, removing a significant barrier to traditional capital.

This regulatory legitimization represents the triumph of an idea Finney helped seed: that a decentralized protocol could eventually become so relevant that even the guardians of the financial system would seek to offer it to their clients.

Market Volatility and Mixed Signals Today

Following the January 2024 approval, Bitcoin experienced significant movements. Prices initially hit $47,500 before SEC news, then fluctuated intensely. As of February 2026, Bitcoin trades around $68,560, far from its recent all-time high of $126,080, a level reflecting both inherent volatility and post-ETF enthusiasm.

Altcoins, including Ethereum, Solana, Cardano, and Dogecoin, have recently outperformed Bitcoin significantly, suggesting a rotation into higher-risk assets. However, analysts warn of fragile macroeconomic conditions: the stagnant supply of stablecoins and the potential for cascading liquidations below $60,000 keep medium-term market direction uncertain.

The Enduring Legacy: From Finney to the Present

Hal Finney did not live to see his vision validated by regulation. His passing in 2014 deprived him of witnessing how his prediction of Bitcoin’s extraordinary value would find backing in institutional adoption. Yet, his influence endures in every transaction, in every node executing the protocol, and especially in the decisions of institutional investors now accessing Bitcoin through regulated instruments.

The approval of Bitcoin ETFs is more than a regulatory victory; it fulfills a dream Finney articulated and defended in the early days of the protocol. That this validation arrived precisely on the 15th anniversary of “Running Bitcoin” is not merely a historical coincidence but a testament to how radical ideas, when sufficiently meritorious, eventually transform entire systems.