Fifteen Years of Vision: How Hal Finney's 'Running Bitcoin' Legacy Led to Wall Street's First Spot ETF Approval

When Hal Finney typed those simple but iconic words—“Running bitcoin”—on January 11, 2009, few could have imagined the trajectory that lay ahead. The legendary cypherpunk was about to become the first person to download and receive Bitcoin, transforming a fringe idea into something far more significant. On the exact same date, fifteen years later, that once-underground digital asset received validation from the highest echelons of traditional finance: the U.S. Securities and Exchange Commission approved the first spot Bitcoin ETFs.

This synchronicity marks a pivotal moment in cryptocurrency history, where Finney’s grassroots enthusiasm collided with institutional capitalism. The token he helped launch has grown from a technical curiosity into a trillion-dollar asset, and his simple two-word tweet has become a symbol of Bitcoin’s journey from the margins to mainstream acceptance.

The Tweet That Started It All: Understanding Hal Finney’s Vision for Bitcoin

Hal Finney, who passed away in August 2014, was far more than just an early adopter. He was Bitcoin’s first recipient and, after Satoshi Nakamoto, one of the earliest developers to engage with the technology. In his communications with Nakamoto, Finney demonstrated remarkable foresight. He theorized that if even a fraction of global household wealth flowed into Bitcoin, each of the 21 million coins could someday be worth as much as $10 million—a prediction that reflected his belief in the protocol’s potential as a store of value.

Finney’s running of Bitcoin wasn’t merely technical participation; it represented a philosophical commitment to a technology he believed could reshape finance. He saw what others missed: a peer-to-peer electronic cash system that could function independently of traditional banking structures. His pioneering work helped cement Bitcoin’s foundation during its most vulnerable early years.

The 15-Year Wait: From Rejection to Regulatory Acceptance

The path from Finney’s “Running bitcoin” tweet to SEC approval was anything but straightforward. In 2013, Cameron and Tyler Winklevoss, the co-founders of crypto exchange Gemini, filed the first application for a spot Bitcoin ETF. It was rejected. Grayscale, which had successfully built a Bitcoin Trust, spent years attempting to convert it into an ETF format, beginning their push in 2017. The rejections and delays accumulated through the late 2010s and into the 2020s, as the SEC weighed concerns about market manipulation and investor protection.

But persistence eventually prevailed. On January 11, 2024—exactly 15 years after Finney’s prophetic tweet—the regulatory landscape shifted. The SEC granted approval to multiple providers, transforming Bitcoin accessibility for institutional and retail investors alike. BlackRock and Fidelity, two of the world’s largest financial institutions, now offer spot Bitcoin ETFs to their clients. Grayscale successfully uplisted its popular Bitcoin Trust (GBTC) into ETF format. Providers like ARK, Bitwise, and Invesco entered the space, with fee structures ranging from zero percent (introductory) to 1.5% annually at Grayscale.

Wall Street’s Transformation: From Anti-Establishment to Regulated Asset

The approval of these ETFs represents a fundamental shift in Bitcoin’s narrative. Originally conceived as an anti-establishment rebellion against centralized banking, Bitcoin is now firmly embraced by that very establishment. This isn’t necessarily a contradiction—it’s an evolution. The SEC’s green light means investors can now gain Bitcoin exposure through a regulated, institutional framework without managing private keys or navigating cryptocurrency exchanges and wallets.

This regulatory blessing addresses one of the primary barriers to institutional adoption: the operational and legal complexity of holding Bitcoin directly. A regulated ETF eliminates counterparty risk associated with exchanges and custodians, bringing Bitcoin into the realm of traditional portfolio construction. For wealth managers, pension funds, and individual investors, this represents a pathway to diversification that Wall Street had previously denied them.

The irony—and vindication—is striking: Finney envisioned a monetary system independent of traditional finance, yet its maturation has required institutional finance to embrace it. The running of Bitcoin has moved from the laptop of a visionary cypherpunk to the servers and systems of BlackRock and Fidelity.

Market Response and Current Price Action

In the immediate aftermath of the ETF approvals, Bitcoin’s price showed volatility. Early reactions saw BTC trading near $47,500 before pulling back, as market participants digested the implications. Since then, Bitcoin has continued its upward trajectory, currently trading around $90,030 as of January 2026, significantly surpassing its 2021 all-time high of $69,000.

The price strength reflects broader institutional interest. The approval of these ETFs signaled that the regulatory environment had fundamentally changed, potentially opening the floodgates for capital from funds and institutions that had previously faced barriers to Bitcoin allocation. While near-term price movements are driven by speculative flows, the structural shift represented by ETF access appears to have provided a floor for Bitcoin adoption.

The Finney Effect: How One Developer’s Vision Became Financial Infrastructure

Hal Finney’s contributions extended beyond his technical genius. His early communications with Satoshi Nakamoto, his running of the Bitcoin software, and his public advocacy for the protocol were foundational. More importantly, Finney embodied the values that Bitcoin was designed to serve: individual agency, financial sovereignty, and skepticism toward centralized authority.

The approval of spot Bitcoin ETFs on the 15-year anniversary of Finney’s famous tweet represents both a validation and a transformation of his vision. The technology runs on millions of computers now, not just the computers of a handful of cypherpunks. Finney never lived to see Bitcoin reach trillion-dollar valuations or gain Wall Street acceptance, but his legacy is undeniable: he helped incubate an idea that has reshaped global finance.

Looking Forward: What ETF Approval Means for Bitcoin’s Future

The SEC’s approval of spot Bitcoin ETFs marks the maturation of a once-radical experiment. The regulatory stamp of approval removes uncertainty for institutional capital and opens new avenues for wealth managers to incorporate Bitcoin into client portfolios. While Finney isn’t here to witness it, his spirit—the belief that Bitcoin could become genuinely valuable—has been vindicated in the most institutional way possible.

The next chapter of Bitcoin’s story will be written not by cypherpunks running the software on home computers, but by large financial institutions managing trillions in assets. Yet the fundamental technology that Finney helped pioneer remains unchanged: a decentralized, peer-to-peer network that operates without intermediaries. That innovation—the thing Finney was “running” in 2009—remains the beating heart of Bitcoin in 2026.