Bitcoin’s 9 Million Percent Rise Last Decade Leaves The Skeptics Aghast

Kevin Mwanza
Written by Kevin Mwanza
Bitcoin's
Bitcoin’s rise as the largest digital token has made it the decade’s best-performing asset, posting gains of more than 9 million percent since July 2010. Bitcoin. Image credit: mmg

Bitcoin, the largest digital token, has posted gains of more than 9 million percent since July 2010, according to data compiled by Bloomberg.

Bitcoin was created as a bypass to the banks and government agencies mired in Wall Street’s greatest calamity in decades. Once it burst into the mainstream, it proved to be the decade’s best-performing asset.

However, it was slow to take off, notching its first transaction two years after its creation when someone used it to buy pizza. Many of those who joined in early stayed faithful and watched as it made its way through a boom and bust cycle unrivaled.

Nevertheless, in the beginning, as swiftly as it ran up, it fell even faster. At the beginning of 2017, bitcoin jumped more than $1,000. After that, the volatile digital currency more than doubled by mid-summer, and by the end of the year, it was at $14,000.

However, by the end of 2018, bitcoin barely budged above $3,000. It recovered the next year, this time reaching as high as $13,000 in the summer of 2019.

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“Bitcoin really captured that wild technology enthusiasm that ‘this time it’s different’,” said Peter Atwater, the president of Financial Insyghts.

In the more immediate term, some speculators forecast that 2020 might be less fraught with volatility given bitcoin’s upcoming halving, whereby the number of coins awarded to so-called miners who process transactions is cut by 50 percent.