IN SHORT: 1 Bitcoin = $10,000!
Around eight years ago, a very sparsely known digital currency known as Bitcoin had emerged, with an almost negligible value, and then a value of 1 Bitcoin = $0.06 (6 cents) by 2010. Over the years, Bitcoin has not only grown to be more popular among currency traders, but it has also grown in terms of its value in comparison to the US Dollar. A few hours back, Bitcoin breached the $10,000 mark for the first time ever!
Satoshi Nakamoto was the man who invented Bitcoin many years ago, as a digital asset which was meant to be used as a medium of exchange over the internet. With legality issues, security issues, and many other controversies since its creation, the acceptance rate of Bitcoin across the globe is finally of the rise, and QUICK!
Now when I say quick, you may not be able to understand how quick, unless you see some numbers yourself. Let’s just say that the value of 1 Bitcoin (BTC) was less than $1,000 at the start of this year, meaning that is has recorded a growth rate of over 900% this year.
History of BTC Value:
- Inception in 2009 – Almost negligible
- June 2010 – Around $0.06
- March 2011 – $1 (on par with the US Dollar)
- July 2011 – $31, Bitcoin sees a quick growth
- December 2011 – $2, first real fall in BTC value
- April 2013 – $260
- June 2013 – Falls lower but steadying at around $100
- November 2013 – BTC value crosses $1,000
- 2013-2016 – Continuous ups and downs between $200-$1,000
- January 2017 – Breaks 2013’s high of $1,242
- June 2017 – Crosses $3,000 for the first time
- September 2017 – Crosses $5,000 for the first time
- 25th Nov 2017 – Crosses $9,000 for the first time
- 29th Nov 2017 – Crosses $10,000 for the first time!
The BTC value in the bullet points above speaks about the rise of Bitcoin, without me having to say much. We at Read Scoops wanted to invest in Bitcoin while the value was playing around the $2,000 mark, but when it took off, there was no turning back. It rose and hasn’t fallen in the last few months!
Bitcoin is now being used as an alternative to traditional investments but some countries are against the use of Bitcoin as it is a currency that leaves no traces and hence can be used for many illegal purposes. However, there are many who have made millions due to BTC till date.
Bitcoin is currently doing what most currencies have always wanted to do – smash it’s own records everyday. What is the future of BTC? I don’t know. But I do know that Bitcoin is having the time of its life right now, and experts say this bull run can continue for a while.
Even Wall Street veterans are dealing in ‘crytofunds‘ these days and Michael Novogratz, former Fortress hedge fund manager, has predicted in a ‘Fast Money’ segment that bitcoin could ‘easily’ be at $40,000 at the end of 2018. Comment and let us know your Bitcoin predictions!