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Where are you getting your numbers? They don't match my recollection, or some articles I'm seeing: https://www.investopedia.com/articles/forex/121815/bitcoins-
by majormajor 5y ago
Where are you getting your numbers? They don't match my recollection, or some articles I'm seeing:
https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp https://www.investopedia.com/articles/forex/121815/bitcoins-...
"Bitcoin's price rose again on April 13, 2011, from $1 to a peak of $29.60 by June 7, 2011, a gain of 2,960% within three months. A sharp recession in cryptocurrency markets followed, and Bitcoin's price bottomed out at $2.05 by mid-November.4 The following year, its price rose from $4.85 on May 9 to $13.50 by Aug. 15."
So let's use that $2.05 price as "ten years ago," I'm willing to give you 10 and a half years ;). A dollar in bitcoin then would be worth about $20,000 now.
So sure, pretty good. Nowhere near tens of millions, though.
And that $30->$2 change, and a few more up/down cycles between 2012 and 2017, shows that plenty of people thought it had already peaked. See also the various "oh no I lost my hard drive with the bitcoins I'd mined since I didn't think it was that important" stories. So sure, getting in for just a few bucks before 2011 and holding? Yeah, you're looking super great! But most people hadn't heard of it by then, and that's not who the article is talking about... when they did hear of it, you had a huge wave of pump-and-dump shitcoins proving the point of the article: the average person getting in at that point was largely too late for the level of return they were looking for.
- DennisP 5y agoYou'd have to go a little further back. The first real price for BTC was in 2010, when someone paid 10,000 BTC for two pizzas, worth about 40 bucks. From that to the current price of $40K per BTC is a gain of ten million times. https://en.wikipedia.org/wiki/History_of_bitcoin#2010 https://en.wikipedia.org/wiki/History_of_bitcoin#2010 Of course, you had to be a serious deep-in-the-weeds enthusiast to get in that early. Maybe that's the sort of people who tend to make money on collectibles, too.
- kingcharles 5y agoI had plenty of coins in 2010 that I'd mined, the problem was that they were just a toy at the time and so when I lost the keys that same year, I didn't give a shit. Now of course I have regrets :)
- deleted 5y ago[deleted]
- ibz 5y agoYour numbers may be correct, but you missed the point.