What Could You Buy With One Bitcoin A Journey Since Inception
Bitcoin has become increasingly popular over the last decade due to its potential as an investment asset, as well as its use as a form of payment. When Bitcoin was first introduced in 2009, it was worth just a few cents and few people took notice. In the years that followed, Bitcoin’s price slowly began to rise as more people became aware of its potential.
By the middle of 2021, the price of one Bitcoin rose to a peak of $64,829 – an impressive increase from its value of $10,837 in September 2020. According to ‘My Bitcoin Holiday’, if you were planning a holiday with the value of 1 BTC when Bitcoin prices were at an all-time high in November 2021, you’d be able to afford 3 nights at the Four Seasons, 2 nights at the Crosby Street Hotel, a table for 5 at Caviar Russe, a luxury car hire and a NYC helicopter tour!
Pre-pandemic, a 1 BTC holiday could afford you a 5 night stay at a NYC hostel with a budget car hire and a meal for 5 at Rudy’s Bar & Grill. Post-pandemic however, a 1 BTC holiday could afford you 3 nights at the Four Seasons, 2 nights at the Crosby Street Hotel, a table for 5 at Caviar Russe, a luxury car hire and a NYC helicopter tour. Needless to say, if you were lucky enough to own one bitcoin 5-10 years ago, the kinds of luxury holidays you could have bought at the close of the pandemic are truly remarkable.
However, the price of Bitcoin has since dropped significantly. By June 2022 the price of Bitcoin had fallen to a value of $20,109 and plummeted further to a value of $16,441 in November 2022 – its lowest value since November 2021.
But there’s not too much to be disappointed about when you take a look at Bitcoin’s journey since inception. If we were to take ourselves back to 2021 when Bitcoin sat at a value of just $4, you’d barely be able to afford a visit to one restaurant at any global destination.
While some market players predict another volatile year, many investors are giving up trying to predict the price of bitcoin. Bitcoin has seen multiple drastic swings over the last decade, and it’s likely that the story isn’t over just yet.