The Bitcoin revolution began 10 years ago and the digital asset has been on a roller coaster ride ever since. Bitcoin was created by an anonymous author which is known only by the pseudonym Satoshi Nakamoto. It was the first cryptocurrency and it has given rise to a host of other digital currencies, most notably Ethereum, XRP and Litecoin.
Bitcoin’s meteoric rise has seen its price soar from basically nothing to around £30,000 at the time of writing. It was a tumultuous journey however, with plenty of highs and lows along the way. In this article, we take a look at the turbulent price history of this virtual currency and what the future holds for it.
The first Bitcoin transaction occurred in 2010 when Laszlo Hanyecz exchanged 10,000 bitcoins for two Papa John’s pizzas. At the time, the value of one bitcoin was a fraction of a cent. Little did anyone know that in 2021, the same quantity of bitcoins would be worth nearly £300 million.
As of 2013, the value of one Bitcoin had risen to around $1000 and this could have been the beginning of major bull run, expect for 2014, when it reached a low of around $250 as a collective fear of regulation brought the price down to incredibly low levels.
In the subsequent years however, the Bitcoin began a steady rally and started trading at around $5000 in April 2017. The buzz over the release of initial coin offerings or ICOs, helped to drive up the price of Bitcoin even further and it gained huge fame after the two biggest internet companies, Google and Facebook, announced their plans to launch their own dedicated cryptocurrency.
The price of Bitcoin kept on trending upward, and by December 2017, it had reached an all time high of $17,000. During the months that followed, the price of bitcoin rose even more, though it could not ascend to the same level again.
Many other cryptocurrencies also caught up and investors began to lose faith in this virtual currency. This led to a sudden crash in the price of Bitcoin and by 2018, it had become less profitable than ever before.
Since that time, the Bitcoin price has recovered to a certain extent. As of February 2021, it is trading at around just over £30,000, which is nearly four times as much as its low of $8,000 in March of last year.
This goes to show that the Bitcoin is a resilient asset and it is not likely to vanish anytime soon. Though, as volatility is so high investors must be extremely careful and mindful of their decisions.
In conclusion, Bitcoin will continue to remain one of the most popular forms of digital currency in the near future. It will be interesting to see how this crypto asset evolves in the years to come and, whether or not, it will remain a preferred mode of investment for many.
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