The severity of Bitcoin’s price fall is always really dependent on when a person entered in the cryptocurrency market. The price surge of 2017 had many people buying big at high prices, and for them, the fall from $20,000 would have been truly painful.
However, for those people who bought at the last bottom of about $3,000, following that fall, they are still looking at their money being doubled. Then, for those people who got into Bitcoin really early on, their money will still be holding astronomical gains.
To put things into perspective for the biggest and oldest of hodlrs, and in tune with a ‘Decade-challenge’ on social media. Bitcoin’s ROI over the last ten years sits at a staggering 258,259 percent.
Bitcoin is still a very new asset, especially in comparison with its other competitors, such as gold. However, in its existence, it has had a lot happen to it, and a lot of market movements. If we look back on this day ten years ago, Bitcoin cost $2.63.
What is also interesting to note is that this price was almost exactly a year before its first mining reward halving on November 28, 2012. In the year leading to the halving, Bitcoin managed to climb to $12, which gave it a 500 percent increase towards that important milestone.
Bitcoin is also set to hit another halving in the coming months, May 2020. This is also expected to give it quite the price boost as the coin’s scarcity and limited circulating supply have certainly been exaggerated with the increased mainstream adoption seen since the end of 2017.
Following the first halving, there was more major price action for the coin as in April the following year, the price of Bitcoin swelled to $208. This increase equated to a 1,700 percent increase in only five months.
Bitcoin is indeed a volatile and speculative asset, and it has shown that with major highs, as well as sickening lows over the last decade. However, to look at the price of the asset over a decade, which is a fair time for an investment, there is very little that can compete with it.