Price of Bitcoin
How to determine Price of Bitcoin
Digital currencies and Bitcoin are still relatively new and unknown by most people and businesses around the world.
With the exponential growth that has occurred with Bitcoin since it’s release, and being the No1 documented investment since the 2008 financial crisis, it will not be long before the masses of the world not only start to discovering Bitcoin but also start evolving and using this new currency and technology.
The price of Bitcoin when it was first introduced in 2009 was zero. Bitcoin exchanges, online platforms, buyers, dealers and digital currency traders were non-existent, but it didn’t take long for these emerging platforms to unfold and today these platforms are very much mainstream in all parts of the world.
Detailed below is a brief summary history of the Price of Bitcoin.
- January, 2009 Bitcoin introduced to the market (price = $0)
- May 22, 2010 Bitcoin price = $0.01 (first Bitcoin transaction 10,000 BTC for two pizza)
- January – December, 2011 Bitcoin price = $1.00 – $31.00 (first bubble)
- January – December, 2012 Bitcoin price = $2.00 – $13.00
- January – December, 2013 Bitcoin price = $266.00 – $1,242.00
- January – December, 2014 Bitcoin price = $340.00 – $1,000.00
- January – December, 2015 Bitcoin price = $200.00 – $504.00
- January – December, 2016 Bitcoin price = $450.00 – $780.00
- January – May, 2017 Bitcoin price = $800.00 – $1700.00
Bitcoin price throughout 2014 and 2015 experienced the largest decline that was predominantly due to China’s stock market crashing, their financial markets experiencing serious difficulties and their banking system’s batting with the crash.
This major decline in the price of bitcoin didn’t stop Microsoft in December 2014 opening their doors to accepting Bitcoin payments for Xbox and Windows apps. It was estimated that more than 160,000 merchants by August 2015 accepted Bitcoin payments.
Bitcoin was recognied by the Cabinet of Japan in March 2016 as having similar functions to fiat currencies. Uber switched to accepting Bitcoin in Argentina by July 2016 after the government interfered with credit card companies from trading with Uber. The number of Bitcoin ATMs had reached 770 globally by September 2016.
The major milestone for Bitcoin regarding price was achieved in March of 2017 when the price of 1 Bitcoin exceeded the spot price for 1 ounce of gold.
The results speak for themselves and Bitcoin is here to stay. It wont be to far away when you enter your next favourite shop, restaurant, hotel or buy something online you will see the sign “Bitcoin ACCEPTED HERE!