Bitcoin is the first-ever crypto to be created and become fully functional. When it was introduced to the world in 2009, Bitcoin didn’t seem to capture much attention. Back then, a Bitcoin was worth way less than a penny.
Nevertheless, things changed over the years as the crypto became attractive to many as the financial crisis set in. Bitcoin has since gained popularity and inspired the development and expansion of the large crypto and blockchain community.
The Bitcoin Context
In the one decade that Bitcoin has been in existence, its price has grown by around 9m% (9 million percent or 9,000,000%). This makes the top coin one of the most appreciating asset of all time. Notably, this growth happened at a time when the rest of the global financial market was hard-hit by the economic recession of 2008.
Now that the world seems to be staring at yet another financial crisis, people are beginning to wonder what Bitcoin’s next move could be. One such person is Binance’s CEO Zhao Changpeng (CZ). CZ fielded this rather captivating question in a Twitter post.
Is Another 9m% Possible?
CZ’s post captured the attention of some popular entities in the crypto community, including Tron’s (TRX) Justin Sun who opined that, indeed, Bitcoin is headed to the moon.
However, there’s still the question of whether the expected “moon event” could match the 9m% from the previous financial crisis. Some argue that during the last recession, there weren’t so many altcoins competing with Bitcoin in the crypto market, suggesting that the top coin had the advantage of being the only go-to crypto.
Also, it’s pretty unlikely that Bitcoin could moon by a margin of 9 million percent up from the current $8.8k value. That would put Bitcoin value in the trillions, which is very unlikely. Either, it’s clear that Bitcoin’s value will shoot up especially considering the upcoming halving event, but the percentage increase isn’t really expected to top the cumulative increase over the years covering the last financial crisis.