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Bitcoin has been on the market for over 10 years. During this time, it’s changed and evolved. If you’re a fan of cryptocurrency at all, continue reading to learn more.
The history of Bitcoin
Back in 2009, Bitcoin was first released as an open-source software. It was invented by an unknown individual (or group) under the name Satoshi Nakamoto. That’s right: the creators of the biggest cryptocurrency on the planet are a mystery!
Since 2009, Bitcoin has carried on growing. In fact, nobody can quite believe how popular it’s become. According to the bitcoin price today at okx.com, a single Bitcoin token is trading at $19,969.10. This means that if you want to be the owner of a single Bitcoin token, you’re going to have to invest almost $20,000. No big deal, right?
Remember, though, you can buy less than a whole Bitcoin at a much lower price if you want to. However, this means that you have less value overall.
Bitcoin first started out at $0
Let’s rewind to 2009 for a second.
When Bitcoin was first released, it was available for free at $0. This is why all the people who initially invested in Bitcoin have since earnt millions (even billions) in some cases.
From 2009, the value of Bitcoin increased year by year as more people started to invest. As of 2022, the value is (as mentioned above) $19,969.10.
Mainstream attention and endorsements have also helped to boost the value of Bitcoin. For example, moguls such as Elon Musk are huge supporters of cryptocurrencies. Plus, celebrities such as 50 Cent have also invested in Bitcoin and given it some major support.
The Bitcoin crash of 2022
It was during June 2021 (when the COVID-19 pandemic was still raging) that Bitcoin reached its highest ever value of $68,000.19. For the remainder of the year, Bitcoin maintained a positive market position; trading at a very high price each day. However, 2022 was just around the corner and a major crash was coming.
In early 2022, Bitcoin’s bubble burst (at least temporarily). The price of Bitcoin dropped to $18,000.4, which left many people and investors stunned. After all, it was only a year earlier that Bitcoin had been trading at an all-time high price.
The reason for Bitcoin’s crash was largely due to economic inflation. Investors were much less willing to put their money into Bitcoin and were instead focusing on other important factors going on. In addition to this, hundreds of other cryptocurrencies were flooding the market, which also disrupted the value of Bitcoin.
The future of Bitcoin
When it comes to the future of Bitcoin (and crypto more broadly) nobody can be quite certain what’s going to happen. Both Bitcoin and Ethereum (the second most popular crypto) are down more than 50% from their record highs back in 2021, which raises the question: is 2022 simply a blip? It could be the case. When the economy starts to recover in 2023 and 2024, it’s entirely possible that the crypto boom will return. Until then, it’s a case of remaining patient.
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