Bitcoin is at a knightly 48,22,525% after it began ten years ago with just a $1. Now, that is truly amazing for the digital currency that somebody made using an alias Satoshi Nakamoto.
A news post on livemint said that Bitcoin, which is the oldest digital currency known to man, is today running at $48,226.25 in the market a decade later. You will be stunned to know that the cryptocurrency was designed by an unknown person, going by the name Satoshi Nakamoto.
His/her identity is yet to be revealed, and nobody can pinpoint who it might be. Bitcoin was released in 2009 by Nakamoto on a community forum. It used to run at a measly $1 in February 2011.
Bitcoin Magazine is the official account of Bitcoin Magazine had this to tweet on the current development of Bitcoin reaching $48,226.25.
For a commodity to suddenly rise to fame without being in action for ten years is nothing short of a miracle. Bitcoin, or cryptocurrency as they call was in the market. Many countries like America, UK, and Australia encourage the use of it among citizens.
Of late, it has seen enthusiastic support from the likes of billionaires like Tesla CEO Elon Musk and others. This has caused an immense surge and taken it to an all-time high of $48,226.25. The figure shows it has run 48,22,525% in the process.
If you would have invested $1 on 9 February 2011, you would have taken $48,226 today. Surprising even market experts, bitcoin has outrun gold, which was considered as the safest security asset meaning that bitcoin was the best performing asset in the last decade.
Significance of the Bitcoin value to the world
According to a report secured from ARK Investment Management LLC, investors are more mature in handling bitcoin. Earlier, they were afraid and had a fear of losing money.
Given the current market with the intense value it has brought forth, they are bolder and do not mind investing more than they actually want. Besides, companies that are securing bitcoin for their security assets seem to be doing well than those that aren’t.
That itself is a good sign of things to come. However, market analysts have warned the investors and traders to be cautious, ensuring they do not fall into the bull run. Many such instances have been witnessed in the history of the stock market.