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The Undeniable Success of Bitcoin
You know what they say — hindsight is 20/20. Since Bitcoin’s inception in 2009, buying and trading of the cryptocurrency have taken place in the free marketplace. We all know someone who sold bitcoin back before it was worth $35,000 per coin, and they can barely talk about the cryptocurrency because they are so upset about their losses. The skeptics of a decentralized currency have been proven wrong with Bitcoin’s exponential growth. Let’s take a look at Bitcoin’s undeniable success over the years:
This Cryptocurrency is Growing at Exponential Rates
According to CNBC, those who bought $100 worth of bitcoin in October of 2010 would have approximately $36 million worth of bitcoin right now. Experts say that very few people bought bitcoin in its early days and held onto it for over a decade — this is because many of the people who believed in the cryptocurrency wanted to engage in trading as that’s the primary purpose. The chart below shows the rising price of bitcoin over the past year. Bitcoin prices have gradually risen since its inception in 2009. One coin equated to $1 in October of 2010 — while one coin is worth $35,000 at current market prices.
The Widespread Regret
Some people chose not to invest in bitcoin because
they didn’t trust the system. Others decided to give
bitcoin as a gag gift. Brian Kean expressed his regret
of giving ten bitcoins to his brother in 2015:
“I thought the gift of $3000, which could technically
be zero the very next day, would be one of those “fun”
gifts we’d talk about over beers. Perhaps, it would
get him thinking longer term about his finances as
2007–8 had been brutal on him. Maybe even, it would
create a little nest egg. Thing is, though, ten
Bitcoins, are no longer a little bit. They are a lot.
Those Bitcoins today hover between $200,000 and
$400,000 in value. They would make a very nice buffer
for an uncertain future. Some experts estimate that
those ten coins could reach as high as $1 million this
year. I would be lying to say I don’t occasionally
think about the tokens, though. Especially, when I
imagine that with the extra few hundred thousand
dollars we could buy a larger apartment.”
Brian Kean’s story isn’t all that unique — people around
the world regret not believing in Bitcoin sooner, giving
their Bitcoin away too soon, or not partaking in the
craze at all.
The
Bitcoin Regret Club
is an online calculator where people can estimate what
they would have had. While this tool may seem
counterproductive for those trying to get over their
losses, people find solace in feeling like they’re not
alone. A user simply enters an investment amount and
date before allowing instant regret to consume them. The
calculator even gives users the option to convert
results into real-world goods. Users are able to partake
in a discussion about their losses on a designated
discussion board.
What About the People Who Believed in BTC From the Start?
Not everyone feels regret — especially those who saw
the long-term positive impact that bitcoin could have
on the economy. Some people, like
Javed Khan, started to use bitcoin in the early days because it
was an easy way to transfer money without hassle from
the banks. He started to realize that the money left
in his wallet would increase, so he began slowly
accruing the cryptocurrency over time. In 2018, he
moved to Dubai and bought himself a Bentley from his
earnings.
Another example is
Daniel Crocker, who bought bitcoin in 2012 and held it until he
recently purchased a house utilizing his earnings (his
earnings got him half of the deposit of his home).
Bitcoin has brought about huge profits for those who
have chosen to keep their coins in their wallet for an
extended period of time. history.
While Bitcoin has seen some drops in market value, people who have held onto their coins have made a substantial amount of money. It’s worth mentioning that Bitcoin’s value will likely increase as time goes on — just like it has throughout
