It was around this exact time in 2011 where Bitcoin was trading at JUST a tiny fraction at which 1 BTC could get you $8.499 against the US Dollar – Very much under the radar from most.
Albeit it wasn’t as difficult as it was back then to own Cryptocurrencies. There weren’t as many exchanges as there is now and where could you even use these Cryptos?
Few people would never have imagined that the price of 1 BTC around this exact time in 2019 to be trading around $8,700 at the time of writing this article.
CEO of Binance CZ went to Twitter to pose the thought-provoking question tweeting the below;
“8 years ago, $BTC price was $8.499. What’s the % increase today?”
What are your thoughts?
Can you guess the percentage increase?
Twitter users replied to the tweet attempting to guess the correct percentage growth and it certainly raised questions.
…But first, if you haven’t got the answer yet just think about this.
If you bought 1 BTC back when it was trading at $8.49 and we are now trading at $8,700, that would have provided a 1000x times investment.
Essentially a 100,000% increase in value in 8 years!
Now, if you have managed to analyze previous price movements on Bitcoin, you would understand BTC has seen some astronomical gains but also some pretty brutal price corrections.
This just shows BTC is by no means on a slow linear uptrend, however, if you believe Cryptocurrencies can disrupt our traditional monetary system then perhaps you may be better holding?
Bitcoin – Should You HODL?
In a subtle way, CZ may have raised the question for investors to take a look at what is achievable through long-term holding.
Patience essentially pays off.
Bitcoin has weathered the storm through a number of years, each time coming back stronger and now that institutional backing is right around the corner we seem to just be getting started in the Cryptocurrency space.
With the Bitcoin 2020 Halving next year, many are predicting a significant run up in price and with only a maximum supply of 21,000,000 BTC, this will only create further urgency to own Bitcoin before it’s too late.
If you can see how Bitcoin has increased in value during the previous 8 years, imagine what the price will be in the next 8?