Undoubtedly, the journey has not been all rosy for the world’s most celebrated cryptocurrency, Bitcoin. In fact, Bitcoin’s journey through the last decade was lined with many highs and lows – literally. That said, statistics also showed that the virtual currency grew by 9 million percent in the just-concluded decade. Yes, you read right!
An industry based on innovative financial technology ridden with both good and bad players will definitely have its moments. But if you take your eyes away from the price volatility, money laundering, pyramid schemes, fake tokens, insider trading, and cybercrimes that plagued the crypto ecosystem in the last decade, you would realize that Bitcoin had an amazing run these last ten years.
As we reflect on the past 10 years, how much was accomplished and lost, we can’t help but agree that Bitcoin is the undisputed winner of the 10 years challenge among financial commodities.
Of course, other assets grew in the last decade as well. 10 years is long enough for any commodity to grow – and many financial commodities did grow. Citing some examples, the S&P 500 almost tripled its value in the last decade. Another major example is the precious commodity tagged Gold. Gold has always been seen as the holy grail of commodities, rising way higher than others in times of uncertainty. Even in its golden position, gold lost the 10 years challenge to Bitcoin. Stats show that there was merely 25% increase in gold in the last 10 years.
This doesn’t come anywhere close to Bitcoin which grew 9 million percent. Astonishing, I must say!
A walk Through the Past Decade; Bitcoin’s Journey So Far…
Launched during 2009 Halloween, Bitcoin has seen both good and bad days so far. The digital currency, which was born from the need to circumvent governments and banks’ rigorous rules, picked up two years after its launch. As glorious as it seems at the moment, the virtual coin had an era where no one knew what it is or what it can be used for. The first transaction took place in 2011 and since then, Bitcoin has grown and fallen countless times.
It hit its best year ever six years after the first transaction – 2017 to be precise. Selling at barely $1,000 during early 2017, the digital currency jumped as high as almost $20,000 that same year, making it the best ever in the last decade. Well, the bubble had to burst and the price came crashing afterward. The plunge was so hard that the celebrated virtual coin was selling a little above $3,000 in 2018. Such a huge fall from $20,000.
That isn’t the end, though. From about $3,000, Bitcoin rose again to another high of $13,800 last year. True, it fell again to a little above $7,000 – which is the current market price – the thread so far shows that there is room for improvement. Even more, rising by 9 million percent despite the lag and ups & downs give crypto enthusiasts the confidence that it can only get better.
