One of the most interesting things I’ve learned about Bitcoin this year is that not every bitcoin commands the same price. This has nothing to do with technical fungibility.
Firstly, from the Nobitex hack, I learned that where satoshis have been in their life dictates whether some institutions, exchanges, and people will touch them in the first place. The traceable history means that many have to be careful not to hold any bitcoin that may have travelled through sanctioned entities or interacted with blacklisted wallets. Imagine if this were true of cash!
Secondly, newly mined bitcoin commands around a 5% markup by virtue of its clean history.
Thirdly, to many institutions, bitcoin that has been mined sustainably is also more desirable than bitcoin that hasn’t been. Green bitcoin commands a premium and some believe this demand will only increase.
Digital provenance is a double-edged sword, but fascinating when it’s a component of money.