A major milestone in the history of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was recently reached. The last opportunity for cryptocurrency aficionados to buy Bitcoin for less than $10 was twelve years ago.
Pete Rizzo, a bitcoin historian, recently revealed this humorous fact on X, which caused the cryptocurrency community to feel both amazed and nostalgic.
Rizzo said on Twitter, “Fun fact: 12 years ago today, you had your last chance to buy Bitcoin for under $10.”
https://x.com/pete_rizzo_/status/1850175681277132896
As of right now, early adopters who risked their money on Bitcoin have experienced an exponential increase in their returns. The value of Bitcoin has increased dramatically over the past 12 years, transforming those initial deposits into riches that have changed people’s lives.
Since then, the price of Bitcoin has skyrocketed from less than $10 to all-time highs of around $74,000 in mid-March, confirming its reputation as “digital gold.”
For instance, despite recent volatility in the Bitcoin market, a purchase of 100 BTC in 2012 would now be worth millions. In 2012, a 400 BTC hoard was worth around $2,000; now, it is worth almost $27 million.
Early BTC holders hit jackpot
After more than 12 years, a dormant Bitcoin whale was discovered on October 25 by the blockchain data tracker Whale Alert: “A dormant address containing 400 BTC worth $27,284,805 has just been activated after 12.4 years worth 2,149 USD in 2012.”
Most noticeable was the sharp increase in the value of the cryptocurrency assets, which at the time of activation were valued $2,149 and are currently worth $27,284,805.
Bitcoin was trading at $67,124 at the time of writing, up 0.11% over the previous day. Following a decline on Friday due to news that the U.S. is looking into stablecoin issuer Tether for possible penalties and anti-money laundering offences, cryptocurrency prices reversed early gains and are currently trading lower overall on Sunday.
The price of Bitcoin is still expected to rise this week, though, as its 50-day SMA has converged and appears ready to surpass the 200-day SMA, perhaps creating a golden cross. The value of Bitcoin quadrupled after the golden cross on October 30, 2023, reaching all-time highs of around $74,000.
