If you thought the stock market’s surge was spectacular, wait until you see how Bitcoin has done. Bitcoin’s ascension has been nothing short of spectacular. This coin went from having no monetary value to briefly exceeding $60,000 in only 12 years. And the returns have been phenomenal for investors that got in early and have stuck with it. While we can’t go back in time, it’s interesting to consider how much money those who had the vision to join in on the ground floor of great enterprises have made. So, if you had purchased Bitcoin a decade ago, before most people even knew what a cryptocurrency was, here’s how much you would have earned.
A quick reply is:
At the beginning of May 2011, Bitcoin was trading for around $3.50 (no, that isn’t a typo). So, assuming no transaction fees, $1,000 would have purchased around 286 Bitcoins. Bitcoin is worth $54,680 as of April 27th, 2021. If you had held on to 286 bitcoins over the past ten years, they would be worth nearly $15.6 million today. It’s worth noting that the final statement is based on a large assumption. Would you have been tempted to sell when the price first climbed to $100 if you had been fortunate enough to dive into your funds and acquire a handful of Bitcoins at $3.50 each? How did you feel when it first surpassed $1,000? Or when it reached $10,000 for the first time? Many early Bitcoin investors sold at least some of their holdings when the price of Bitcoin rose.
Bitcoin’s price history
Here’s a quick rundown of Bitcoin’s price history. When the first block of Bitcoin was mined on Jan. 3, 2009, the Bitcoin network was born. Until at least 2010, however, Bitcoin had no monetary value or market. Indeed, in March 2010, an early adopter sought to sell 10,000 bitcoins for $50 total but was unable to find a buyer. In May 2010, 10,000 bitcoins were exchanged for two pizzas, making each bitcoin worth a fraction of a cent. This quantity of Bitcoin is now worth about $550 million in today’s currency. Just over a decade ago, in February 2011, Bitcoin crossed the $1.00 mark for the first time. Bitcoin’s popularity peaked in 2013, with prices reaching $1,242 in November before plummeting. In 2017, there was a second large uptick. In March, the cryptocurrency surpassed its previous high of $1,242 set in 2013, climbing as high as $19,783 in December before reversing course. For a long time following 2017, Bitcoin’s popularity waned. The price fell below $3,300 in December 2018 before rising to its 2017 high in November 2020. In February 2021, Bitcoin crossed the $50,000 mark for the first time, and in April, it temporarily crossed the $60,000 mark.
Also Read: What is Crypto Mining?
Is there a chance that Bitcoin may reach $100,000 in the near future?
If there’s one thing to take away from this, it’s that digital currency has been quite unexpected. Aside from the present increase, Bitcoin has reached two major peaks. And each time, it has taken several years to surpass the prior highs after a significant decline. It’s highly likely that Bitcoin will hit $100,000 in a couple of months, if not weeks. It’s vital to keep in mind, though, that $10,000 or less is also a viable option. If you decide to purchase Bitcoin at its current price, keep in mind that it is highly volatile and unpredictable. You could lose a lot of money if you use the wrong broker. There has never been a better way to build money in the long run than by investing in the stock market. However, if you choose the wrong broker, your investment returns could be severely harmed. Our experts have researched and reviewed the best online stock brokers. Simply click here to see the results and discover how to take advantage of the free trades and cash incentives available from our top-rated brokers.