“Wait, you actually owned Bitcoin back before it was worth $10,000?”
With Bitcoin hitting $8,700 at the time of this post, the day that the world’s first and biggest cryptocurrency surpasses the $10,000 mark is most likely just around the corner.
(Update- within a week of writing this article, the price of Bitcoin zoomed past $10,000 and hasn’t looked back since)
For those that have believed in cryptocurrency for years now knew it was just a matter of time. Early investors are banking on Bitcoin to grow exponentially stronger. Much stronger.
Consider this: Coinbase announced this week that the number of accounts on their site now exceeds the number of brokerage accounts at Charles Schwab. With over 13 million accounts, the rate at which new users are signing up reminds me of when Netflix first began to gain popularity. Ten years ago no one could have imagined this.
Bitcoin is a finite resource, and 21 million coins is all that will ever exist. While it is difficult to estimate how many accounts and wallets are being used on other sites and exchanges, it is highly likely that the crypto community has now grown to over 25 million people. Bitinfocharts.com shows Bitcoin wallet addresses and breaks them down by the number of coins each owns (there are some worth over $1 billion now). Over 90% own less than 1 full Bitcoin, and the majority own less than .001 BTC.
As the price continues to increase it will become more and more difficult to accumulate even 1 Bitcoin. Many estimate that if Bitcoin becomes the primary currency for payments that the price tag per BTC could reach $1 million or more.
Bitcoin is quickly being considered to be a store of value similar to gold. If its value reached the same value as the world’s gold supply ($7.5 trillion), that would mean that each Bitcoin would be worth $357,142.
For that reason alone, the day isn’t that far off that the mainstream and late adopters could very well be asking you,
“What? Are you serious? You actually owned Bitcoin back when it was only $10,000?”
Since new users brought in the money to make it all possible, please do your best to be humble when they have that jealous look on their face.
If you haven’t made the plunge (known as a “Nocoiner”) it’s not too late. The majority of the crypto community believes that we are just getting started.
At this time of year, it’s a great opportunity to make shopping easy and to send your friends and family $5 worth of Bitcoin via email on the Coinbase app. They’ll appreciate it much more than another ugly sweater.
If you’re reading this and haven’t yet opened an account, you can do so and get $10 worth of free Bitcoin by clicking below:
Trading and investing in digital assets like Bitcoin and other altcoins is highly speculative and comes with many risks. This analysis is for informational purposes only and should not be considered investment advice. Past performance is not necessarily indicative of future results.