Bitcoin was launched in 2009, and today, it is the most expensive cryptocurrency. But did you know that if you had spared as little as $1 daily to buy Bitcoin, you would’ve been rich by now? Before you say it’s totally impossible, we’ll break it down to give you just one more reason why you should invest in Bitcoin.
Analyst Estimates Profit After a Five Year Investment in Bitcoin
On February 1, 2020, Managing Partner at Blocktown Capital James Todaro uploaded a video clip on Twitter. The video shows how much you would’ve amassed if you’d saved $1 in Bitcoin over the past five years. Per the video clip, your Bitcoin savings since 2015 would’ve resulted in $22,263 today.
Interestingly, all it would’ve taken to get this much is to spare the same amount you would’ve used for a hot cup of coffee. And given that there are 1825 days in five years, you would’ve spent $1825 every day resulting in a huge profit of $20,438. The latter is almost equivalent to the price of 1 Bitcoin as of December 2017.
Crypto Community Remarks on Potential Profit
On the other hand, the crypto community applauded Todaro’s effort to show the general public how profitable it is to invest in Bitcoin. In contrast, a Twitter user noted that the transaction fee on some crypto exchanges like Coinbase is too high. Moreover, the least amount of Bitcoin you can buy on the San Francisco-based exchange is $2. At the end of the day, you’d still be dishing out $1 to cover fees.
In line with that, it is now easier to obtain Bitcoin compared to five years ago. Today, there are international and local exchanges as well as peer-to-peer platforms. What’s more, diverse payment methods including credit or debit card, PayPal, Cash, etc. have been provided to purchase the crypto asset.
Bitcoin Price Movement
Over and above that, you may be wondering, “how much is Bitcoin today?”. Bitcoin is worth about $10,200 at the time of writing. Accordingly, the crypto asset has spiked by 41% since the start of the year. It also reached a four-month high this month, given that the last time it was priced around the $10,000 zone is October 2019.
The asset may have surged significantly, but it is never too late to invest in Bitcoin since it holds a lot of promise for the future. Analysts, for instance, predict that Bitcoin could potentially hit $55,000 per coin after its halving in May. On February 9, 2020, Anthony Pompliano, co-founder & partner at Morgan Creek Digital opined that Bitcoin will be worth $100,000 by December 2021. In his opinion, this price surge will be due to its fixed supply and increasing demand.