Ten years ago, over 5,000 bitcoins were sold for just over five dollars in the first market transaction for the digital asset. The transaction is listed on the blockchain and has become a landmark for Bitcoin.
Saifedean Ammous, “Bitcoin economics professor”, a highlighted that its value has increased by an epic amount since.
“Ten years ago, 5,050 bc were sold for $ 5.02 in the first bitcoin market transaction.
Today, cryptocurrencies would be worth $ 42,171,792.50.
An increase of 838,078,685%. “
He added that the model was a success because it managed to keep the available quantities lower than the requirements.
Why is Bitcoin worth?
The Bitcoin price has gained about 120% in 2019
Even with a 40% correction this year, the bitcoin price has gained around 120% since January 1, and all other values are rising. Detractors like Peter Schiff can criticize the BTC as much as they want, but the gold it promotes has grown only 16.5% over the same period on a much larger market.
Crypto analysts have often pointed out that the supply-side model of Bitcoin is the one that will ensure its long-term growth. The published logarithmic graphs suggest that this movement will continue and prices will be significantly higher over the next decade.
Bitcoin Price Prediction Chart – or: Why Some Predict $ 1M / Bitcoin pic.twitter.com/FdLluOeNLi
– Tuur Demeester (@TuurDemeester) December 19, 2014
A chart on Twitter in 2014 shows that BTC prices have largely adhered to the forecast over the past five years. Although the $ 100,000 forecast for 2021 looks a little fanciful at this point, the cryptocurrency has managed to reach the $ 10,000 forecast for 2017.
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