There has been no other asset in history like Bitcoin (BTC).
BTC has made astonishing amounts of progress that no other asset has experiences in term of gains in value, and its digital scarcity mechanism has undoubtedly worked and passed the market test as we see the price continue to increase even in regard of the amount of volatility that BTC is currently experiencing.
If we look at the history of BTC over the last ten years the upward movement cannot be disagreed with.
This time ten years ago just over 5000 Bitcoins were sold for just over $5 in the first market transaction for the digital currency.
This transaction was stamped to live forever in the Blockchain and marked a successful milestone for BTC, making it an economic commodity.
Saifedean Ammous, a Bitcoin Economics Teacher has explained on Twitter the extraordinary step in Bitcoin’s early life and points out that the value of the digital currency has risen by heroic amounts since that first transaction.
“Ten years ago today, 5,050 btc were sold for $5.02 in the first market transaction for Bitcoin.
Today, they’d be worth $42,171,792.50.
A rise of 838,078,685%.”
Adding that the model that Bitcoin runs off has been a wild success as it has managed to succeed in keeping available quantities lower than requirements.
“Whatever you think of Bitcoin does not matter compared to the brutal realities of market supply and demand. Since that day ten years ago, demand for holding Bitcoin exceeded the available supply. Somehow, ten years and 17 million coins later, this is still the case.”
Earlier this year we did see a price drop and correction of 40 percent, however, even in light of this since January 1st 2019, the price of Bitcoin has gained around 120 percent with all other metrics on the rise.
This pattern will not end here, and will set to continue due to the scarcity and supply schedule for the coming decades to come.
Strap your seat belts, even though BTC is low at the moment, we are in for one hell of a ride.