Bitcoin has marked its 17th anniversary with a record price surge, exceeding $4,500. This rise is fueled by growing interest in decentralized finance (DeFi) and institutional investment, though centralized exchanges are experiencing lower trading volumes than during the 2021 bull run. MicroStrategy, meanwhile, has reported substantial paper gains from its Bitcoin holdings, but faces challenges with market volatility and financing costs as investors re-evaluate its leveraged strategy. The article examines these key developments across Bitcoin’s evolution since launch: its growth into a global financial system, the shift of capital towards ETFs, and the emergence of decentralized exchanges.