Bitcoin has been on the rise over the last few years and in 2010 it was revealed that there was a developer who paid for two pizzas using 10,000 Bitcoins. Even though at the time that didn’t seem like a big deal, fast forward seven years and those 10,000 coins are now worth a whopping $20 million. While it’s not really often you get to eat $20 million dollar pizzas, maybe a walk down the deli for some other form of lunch would have saved this champion the agony of knowing that the 10,000 coins spent that day would be worth millions and millions of pizzas.
But of course most of us would have probably done the same if we were in that situation. It’s really been the story of Bitcoin, a rapid rise in the global currency space to become one of the most valuable possessions you can have. As we speak, one Bitcoin is worth $2,128 which is a little lower compared to its all time high that stood at about $2,185.
The current value is more impressive when you take a look back at last year when the value of the cryptocurrency massively plummeted from $1100 to just $443. But, Bitcoin did not stay down for long and in the 12 months since that drop, the value of the currency has grown nearly 5 times. However, this doesn’t seem to be the end of the story. According to the founder of CryptoCompare, a company that offers advice on Bitcoin trades, Charles Hayter, the Bitcoin craze seems to be hitting Japan at the moment and there is some talk due to the anticipated entry of Japan into the Bitcoin market that the price may go up even higher.
The purchase of the two Papa John’s pizzas for the 10,000 coins is said to be the first real transaction involving the cryptocurrency. By the time this transaction was made back in 2010, the value of 10,000 Bitcoins was at $40. That seems to be a long and distant memory. It’s crazy to even think that no one really had foreseen this. Considering how Bitcoin has taken off in such a big way, those who were courageous enough to believe in it are reaping huge profits. The big question though is whether that trend will continue.
There is no doubt Bitcoin has had its share of challenges but every time it appeared as if the bubble was about to burst, the cryptocurrency always found a way of bouncing back. Seven years is not really a long time since Bitcoin Pizza Day (a day which Bitcoin enthusiasts believe was the first real step made by the cryptocurrency). Who knows what is in store over the next decade or so? Nonetheless, one thing remains very clear, Bitcoin is on the rise and its place among the world's currencies has been expanding by the day. The entry of many more players into the Bitcoin market is no longer a question of “if” but of “when.”