The cryptocurrency system is so much depended on Bitcoin. Today a Bitcoin price has crossed the gold price in the market. It has made a revolution in the online payment system and accepted by all around the globe.
From its penny valuation in 2009, Bitcoin slowly moved to 0.10 USD but had a jump in early of 2010, Bitcoin Value raises on 1 USD. From then there was a ignited a massive wave of new demand for bitcoin, and reach the currency up to more than 10 USD by mid-2011.
After reaching that point, Bitcoin experienced a lot of big numbers ups and downs. After reaching first time 10 USD a worth of Bitcoin, bitcoin prices dropped 80% within just a few months. It was punishing for those who had gotten in at the top and were looking for quick gains. But on the other hand, still, those who stuck with Bitcoin, earned back their losses, when the currency reaching the $10 mark again in late 2012.
And after 2012, the next line of interest in Bitcoin wave took the currency to the $100 mark and beyond, dramatically reaching to nearly $200 by early 2013. The bankruptcy of the Mt. Gox bitcoin exchange briefly took a big toll on prices, cutting Bitcoin’s value in half, but before the year was out, the digital currency climbed above $1,000 as market participants highly believed that Bitcoin could achieve the global currency status and prove to be a better alternative to traditional government issued currency. The frequency of financial crises across the globe during the first several years of bitcoin’s history certainly helped feed that theory and added to Bitcoin’s appeal.
From then, bitcoin has remained volatile, but not to the same extent as it was earlier in its existence. Prices sank to around $200 in 2015, but the currency picked up steam again more recently. The last year 2016, Bitcoin regained the $1,000 level and has climbed as high as nearly $1,300. From 2009 to 2016 Bitcoin has reached 0.10$ to 1300$ USD. But this year, from the first month Bitcoin value wave, started to jump higher to higher. It is August and the Bitcoin price today is crossed 2700$ almost double from the previous years.
In December 2015, Saxo Bank published its annual report which is called “Outrageous Predictions” with one of the forecasts calling for Bitcoin to hit $2,000 in 2017. But that time when the note was published, Bitcoin exchange rate was trading at around $754, so the target price represented a 165 percent rise. Bitcoin hit $2,000 on May 20.
Van-Petersen is trying to have a prediction about cryptocurrencies in general, “not just Bitcoin, will account for 10 percent of the average daily volumes which is ADV of fiat currency trade in 10 years. The foreign exchange ADV is going currently amounts at just over $5 trillion, according to the Bank for International Settlements.
So collect your bitcoins if you really want to invest on online. after 10 years you could get a worth of billion USD instead of 1 bitcoin.