It took only a short of 12 years for the robust cryptocurrency to hit the landmark.
For the first time, Bitcoin crossed the $20,000 mark on Wednesday. For the unpredictable blockchain, it is a significant achievement and one that could be a turning point in its path to mainstream significance. Is this going to be the high point or merely a stepping stone?
Update (12/7): Bitcoin continued surging less than a day later and reached the $23,000 mark. In 2020, an investment in Bitcoin generated more than 200 percent returns, according to Coindesk. You will be able to monitor the price of Bitcoin here.
In 2009, the cryptocurrency hit the scene and was created by a person or a group of people under the name Satoshi Nakamoto. Despite numerous inquiries and misleading statements, the real identity of Bitcoin’s inventor remains a mystery. For several years, Bitcoin was a relative mystery, but in the early to mid 2010s, it began to crop up on the radar of enthusiasts. In early 2017, after Bitcoin’s worth hit the $1,000 threshold, all bets were off. Over the next few months, the blockchain skyrocketed in value and seemed bound to smash the $20,000 mark.
Ultimately, its value topped out just north of $19,000 in mid-December 2017 and that’s when the selloff started. Over the next year, Bitcoin’s value fell to nearly $3,000 and it appeared as though it was little more than a short-lived fad.
Bitcoin’s resurgence started in early 2019 and after a couple of false starts, its value started climbing once again. As of this writing, a single Bitcoin is trading for $20,732.30. Some believe that 2021 could be Bitcoin’s breakout year and that it could potentially go as high as $100,000.
Image credit Travis Wolfe, SPF