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Bitcoin has increased in value 1 million times in seven years

Came across this. It was the earliest MARKET transaction of Bitcoin on 22 May 2010.

The pizza is estimated to have been worth around $25USD, giving a value of 25 cents to the first market transaction of Bitcoin.

It is now worth $2600.

Overall increase in value so far has been over 1 million times. In a mere seven years (from 0.25 cents to 260000 cents). See price chart here.

Is this a bubble?

I don’t think so. Bitcoin has a number of problems that might limit how much more it goes up in value, but it will not go down consistently in value anytime in the forseeable future. Even if good competitors enter the market, it will retain value since its total supply is limited (currently 16 million in all; ultimately 21 million).

 

Sanjeev Sabhlok

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