In 2008, an anonymous person or group of people under the pseudonym Satoshi Nakamoto created Bitcoin, the first and most well-known cryptocurrency. The white paper that outlined Bitcoin’s design was published on October 31st, 2008.
Less than a month later, on January 3rd, 2009, the first block of the Bitcoin blockchain was mined. This event is now commemorated as Bitcoin’s birthday.
In its early days, Bitcoin was worth very little. On October 5th, 2009, an early adopter bought two pizzas for 10,000 BTC.
Today, those same 10,000 BTC would be worth over $100 million USD.
NOTE: This article is not intended to provide financial advice. It is important to be aware that investing in cryptocurrency, such as Bitcoin, can be a very high risk activity. Before investing in any cryptocurrency, it is important to do research and understand not only the history of the investment but also the current market conditions. You should also understand the associated risks and always ensure you never invest more than you can afford to lose.
Bitcoin began to see some serious price appreciation in early 2013. By February 2013, one BTC was worth around $30 USD.
Then, in April 2013, BTC hit $100 for the first time ever. This incredible price surge was driven in part by Cyprus banking crisis, as investors sought out Bitcoin as a safe haven asset.
BTC kept climbing throughout the rest of 2013, eventually reaching a peak price of $1,147 on December 4th. After that point, the price of Bitcoin began to drop and it entered a prolonged bear market.
It wasn’t until 2017 that Bitcoin began to see sustained price growth again.
As of writing this article (January 2021), the price of one BTC is around $34,000 USD. So what year was Bitcoin at $1? That would be 2009 for those keeping track.
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As the world’s first and most well-known cryptocurrency, Bitcoin has had a long history of volatility. In its early days, each Bitcoin was worth only a few cents, and it was largely used by criminals for illicit purposes. But as more and more people began buying Bitcoin, its value skyrocketed, reaching a peak of nearly $20,000 in December 2017.
It is no secret that Bitcoin has been on a tear over the past year, with the cryptocurrency climbing to all-time highs time and time again. The question on many people’s minds is whether Bitcoin can continue this surge and reach the $1 million mark. While it may seem like a stretch at first glance, there are actually a number of factors working in Bitcoin’s favor that could make this happen.
As of September 2019, it is estimated that there are approximately 18.1 million Bitcoin in circulation. Of this, it is believed that approximately 4 million Bitcoin are held in wallets that belong to the top 1% of Bitcoin holders. This means that the top 1% of Bitcoin holders control approximately 22% of all Bitcoin that is in circulation.
