Noida, Oct 2, 2020 (UNI/Techyshine): With Bitcoin discussion taking place all around us it is normal if you have started considering what amount of money you could have made if you had invested a small amount of INR 1000 in Bitcoin.
So let’s do some calculations and come up with speculative numbers at any rate. Why not begin with the maximum and minimum prices that the Bitcoin went through to reach its peak today.
The Value History of Bitcoin
Bitcoin truly began to take off in 2013. The cryptocurrency started the year trading at around ₹995.76 per Bitcoin. The price rallied in the beginning of April 2013 to get to over ₹16000 briefly before dropping back down to around ₹5163.20 by mid-April. This was the first real rally and related crash for the cryptocurrency.
Bitcoin started to rally in October and November of 2013. The digital currency was trading at around ₹7000 toward the beginning of October. It stretched around $14000 before the end of October. In November, the price went from around ₹14700 to over ₹79000 before the month was over.
The price started to get extremely volatile in the wake of reaching these highs. Rumours of a lack of security and poor management made the market anxious. People had issued withdrawing their money from the exchange. The price reached a high of ₹79500 on December 4, 2013. This tumbled to around ₹56000 by December 7, a drop of around 29% over a few days.
Trading settled to somewhat around ₹67000 in January 2014. In any case, there was another significant crash in toward the beginning of February. Bitcoin was trading at around ₹62000 on February 4, yet it cratered to around ₹42000 by February 16 – a decline of around 32%.
At that point, the price fell into an increasingly slow progressive decay. The digital currency was trading at around ₹44000 in July 2014. It dissolved away to around ₹23000 toward the start of 2015.
The price balanced out somewhat throughout the late spring of 2015. Notwithstanding, early November saw another massive spike. The cryptocurrency went from around ₹20000 on October 23 to a concise close of about ₹33000 on November 4 on specific exchanges. The digital currency sold off some degree and traded around ₹26000 toward the finish of November 2015. Through 2016 Bitcoin consistently rose, getting through ₹73000 in early 2017.
In the fall of 2017, the price of Bitcoin started to rise. In October of that year, the price got through ₹3.5L and multiplied again in November to over ₹7L. At that point, in December, the price of one Bitcoin came to almost ₹14.5L. In reality, only half a month later, the Bitcoin price fell quickly, crashing right down beneath ₹5L by April 2018 and underneath ₹2.5L by November 2018.
In 2019, Bitcoin saw another resurgence in price as well as volume, ascending in fits as well as bursts to around ₹7L by June. In any case, as history tends to repeat itself before the year’s over, the price of Bitcoin fell down to around ₹5L and has been fluctuating since then.
In 2020, the high of Bitcoin topped out at just shy of ₹7L and hit a low of about ₹3.5L with the market crash in March. It’s been consistently recovering since then and currently stays at ₹80000. However, it is said to be the positive impact of Bitcoin halving, which took place in May 2020.
Investment in Bitcoin
Investing in Bitcoin is a lot of like investing in securities today. It is a fact that Bitcoin has provided us with the humongous benefits in the last 6-7 years. No other investments have shown such growth in such a short span of time.
That said, we can say that if you had invested INR 1000 about 10 years ago from now, you would have turned richer by the year 2021.
This fact has attracted a lot of investors to Bitcoin from across the world and has given a boost to emergingBitcoin App meant to convert BTC to INR effortlessly.