Bitcoin is the first digital currency and the latest technological innovation. From the very beginning till today investment in Bitcoin has been a significant journey. From zero valuation at first to the highest value investment asset today, bitcoin has a wonderful growth in just 13 years. Let’s know the story of this cryptocurrency from its very creation and understand the potential benefit of this fantastic innovation in the future.
Bitcoin’s Past: A Timeline of the Most Important Moments
Bitcoin is considered to be a new asset or currency as it is just 13 years old. It had started its journey in 2009.
- The beginning: The idea of digital cash was conceived before bitcoin was introduced. But, it came into practicality with the innovation of bitcoin. On 4th July 2008, the domain name of bitcoin, i.e. “Bitcoin.org” was registered.
- Economic position: Bitcoin was introduced in a very critical economic situation. In 2008 and 2009 the whole world was going through a global financial crisis that was started due to some unethical activities of lending institutions.
- Price movement from 2009 to 2021: At the very beginning of 2009 bitcoin had no valuation. But, after the first financial trade in 2010 which was a purchase of two pizzas with 10,000 bitcoins, its popularity increased and its price jumped to $0.9 for the first time.
After that, it continued increasing and on 13th April 2011, it reached $29.6. But, in the middle of November that year the price dropped to $2.5.
In 2012 and 2013 the price of bitcoin increased a lot going through some ups and downs and in December 2013 it reached $1,237.55.
Again from 2014 to 2020 bitcoin’s price was overall grown with some rises and falls. Especially after 2017, a high price gain was seen that ended with $13,062.15 in December. At the beginning of 2019, it dropped to $3,441.03 and again gained a valuation of $28,768.84 in December 2020.
In the year 2021 bitcoin’s price touched an all-time high limit that was over $68,000.
- Investment: After 2019 when bitcoin’s price started to rise significantly a huge number of people invested in it and it became successful in 2021. In the massive price gain in 2021, most of the investors turned into billionaires and millionaires and the Winklevoss twins were one of them.
Bitcoin’s Present Scenario: What You Need to Know
- Price structure: In 2022 bitcoin is going through a downfall. On 28 May 2022, it dropped to $28.646.65. But, But, currently, bitcoin’s price is again increasing but it is very slow growth. On 1 June 2022, it reached $31,865.75.
- Impact on economic society: Bitcoin’s innovative payment system made it accepted by almost every sector of the economy. Its decentralized feature, anonymity, fast and direct fund transfer, security, and economic transaction made the payment system convenient. It is the currency accepted as payments from customers by so many big companies like MicroStrategy, PayPal, Visa, Mastercard, AT&T, Overstock.com, Starbucks, etc.
- Investment and Investors’ position: Bitcoin investment is probably the most preferred investment nowadays. As more and more people are getting into bitcoin investment and trading, a lot of trading exchange platforms are being created. The Bitcoin Era is a famous one among them. You can get a more detailed overview on this trading platform by clicking on source link.
The Future of Bitcoin: Will It Survive?
- Price prediction: Most experts are predicting that bitcoin has a high potential in the future. They are saying that it can reach $100,000 in 2022. But, some are also saying that it can drop to $10,000 in the same year and will again increase in the long term.
- Potential economic change: As the cryptocurrency bitcoin has some wonderful features that are necessary for modern fast forward life, and also is getting accepted by the economic society, it has a great chance to be a globally legalized way of digital payment system and a future currency of the world.
- Impact on investment: Bitcoin investment depends on its price movement. As a result, the number of bitcoin investments is going to increase as per studies.
So, that’s it! This article just walked you through the journey of bitcoin over the past decade, exploring some of its most important landmarks and providing an outlook on what might be next for this pioneering cryptocurrency.