Bitcoin Price upto 838 million percent in laste 10 years; Where Next

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No other asset in history has made the same progress as bitcoin in terms of gains in value. Its digital scarcity mechanism has clearly worked and passed the market test as prices continue to increase albeit with a lot of volatility. Price predictions for the future are always worth a ponder so where will BTC go in the next decade?


BITCOIN’S 800 MILLION PERCENT RIDE
This time ten years ago over 5000 bitcoins were sold for just over five bucks in the first market transaction for the digital asset. The transaction is stamped into the blockchain and it marked a milestone for BTC which had just become an economic commodity.

‘Bitcoin economics teacher’ Saifedean Ammous noted the remarkable step in bitcoin’s early life and pointed out that its value had risen by an epic amount since then.

He added that the model 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!

Even with a correction of 40% this year, bitcoin price has still gained around 120% since January 1st and all other metrics are on the rise. Detractors such as goldbug Peter Schiff may harp on about how it is worthless, but his precious metal can’t even compete with a gain of just 16.5% over the same period from a much larger market.