Bitcoin is one of the most volatile cryptocurrencies that has made many fortunes as well as destroyed many lives. The value of Bitcoin is dependent on how people in the financial market treat it.
If a large number of people started trusting Bitcoin, the value goes up and at the same time, if people started losing trust, the value goes down.
Although popular magnates and media play a significant role in determining the future of Bitcoin. For example, you may have seen Bitcoin's price started fluctuating by a tweet of Elon Musk.
So basically, what Elon Musk tried to do is to make people trust Bitcoin and in this way, the demand for Bitcoin rose, which increases its price.
Basically, the value of a Bitcoin is all about the trust factor. If you make me think this product is good, I would purchase it. Let's know how much is the value of Bitcoin.
How Much Is A Bitcoin?
A bitcoin was worthless in the 2010s. It was not even worth a dollar. You cannot even afford candy using a Bitcoin. The first time a person made a transaction using Bitcoin was in 2010. He ordered a pizza using 10k Bitcoins. As of writing this, 10k Bitcoins = 337 million USD.
You could purchase a pizza then, but with that amount of Bitcoins at the present time, you can purchase about a thousand Rolls Royce Phantom, each costing around 450k USD or you could purchase an island, construct a few bars and pools, rent them out and earn couple millions more! Money can attract money, and that's true.
In 2011, a Bitcoin was worth around a dollar, you could actually purchase some candies using Bitcoin. A hundred Bitcoins in 2011 could get you a Motorola mobile. As well as mining Bitcoin was relatively quite easier at that time.
You could easily mint a few bitcoins using your smartphone and wait for the right time to arrive and sell it off to make some real profit.
But did anyone thought that it could become a thing in the coming period? Not all of them have strong faith or trust in Bitcoin.
Although the price of Bitcoin surpassed 30 USD after July, a hundred Bitcoins could get you the latest iPhone available in the market. The price of Bitcoin doesn't really vary in 2012. In 2013, the price of Bitcoin touched 1154 USD in November of 2013.
It is surely a big thing in 2013, but not everyone was aware of it, right? Or else you could have at least spend some money on Bitcoin. With a hundred Bitcoins in 2013, you could buy a Jaguar F-Type R and still save about 12k USD. Another thing you could purchase is the Superleggera V4, one of the most powerful Ducati.
The value of a Bitcoin in 2014 was roughly 350 USD. A hundred Bitcoins mean 35k USD. This is true that the price of bitcoin fell tremendously in 2014. There was no sign of success to Bitcoin till 2017. From 2017, the real game of Bitcoin begun!
In 2017, a Bitcoin worth 13k USD in December. Guess it was a good time for the people who invested their money in Bitcoins. a hundred Bitcoins mean 1.3m USD, enough to purchase you three Rolls Royce Dawn and a costly cruiser bike.
