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If you took a chance on bitcoin early on , just a few years ago, your investment could have paid off in a big way. This estimate does not include any additional fees or transactional costs.
If you were smart, or lucky, enough to invest even earlier, in , you could be in the company of the Winklevoss twins, who are reported to be the first bitcoin billionaires. As bitcoin has gone more mainstream, some of the biggest names in finance are weighing in. Fundstrat's Tom Lee and value investor Bill Miller have embraced the trend. But even with many success stories surrounding bitcoin investments, seasoned investors are voicing caution. Legendary investor and index fund mogul Jack Bogle, at a recent Council on Foreign Relations event, told the audience, ".
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There is nothing to support bitcoin," he said, "except the hope that you will sell it to someone for more than you paid for it. Industry developments are the third major influence on Bitcoin's price. Bitcoin halving events, in which the total supply of Bitcoin available in the market declines due to a reduction in miner rewards because of an algorithmic change, have also catalyzed price increases. Among many factors, the halving in the reward given to miners that also doubles the asset's stock-to-flow ratio seems to have a large effect on Bitcoin's price.
Finally, economic instability is another indicator of price changes for Bitcoin.
Since its inception, the cryptocurrency has positioned itself as a supranational hedge against local economic instability and government-controlled fiat currency. Countries like Venezuela, which have experienced hyperinflation of their currency, have seen huge increases in the use of Bitcoin as a means of transaction as well as storing wealth. For example, capital controls announced by the Chinese government were generally accompanied by an uptick in Bitcoin's price. The pandemic shutdown produced macroeconomic instability on a global scale and galvanized Bitcoin's price, resulting in a record rally.
Predictions for the future value of bitcoin vary based on who makes the estimate. Crypto Research Report. Cryptocurrency News. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Bitcoin: A Brief Price History of the First Cryptocurrency
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Key Takeaways Since it was first introduced to the world more than a decade ago, Bitcoin has had a choppy and volatile trading history. Bitcoin's price has undergone multiple bubbles in a short history. The factors influencing its price have changed with Bitcoin's evolution as an asset class. The narrative surrounding Bitcoin has shifted from being a currency to a store of value as a hedge against inflation and uncertainty around the U.
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