2023-05-17
On May 16, 2011, Twitter user @GregSchoen shared a remarkable story about his historic sale of 1,700 BTC, originally purchased at $0.06 each. Despite the price of Bitcoin being at $0.30 at the time, Schoen decided to hold onto his coins. Ultimately, he made a meager profit of $510.
This tweet
commemorates the 12th anniversary of the event. Currently,
Bitcoin is being traded at $27,100. If Schoen had held
onto his BTC until now, his investment would be worth a staggering $46,070,000.
Bitcoin's price has been consistently increasing since 2017, reaching an all-time high of $64,100 in November 2021 before settling at $27,100 today.
Similarly, Bitcoin's market capitalization has surged from $1 trillion in November 2017 to $5.3 trillion at present.
Many
analysts speculate that Bitcoin's price may experience further growth in the
future due to inflationary concerns and the fragility of the current banking
system, as demonstrated by the financial turbulence in various countries,
particularly the United States. Consequently, Bitcoin, originally designed as a
hedge against inflation, may play a more prominent role in the financial
sector.
However,
some analysts believe it may take another decade for Bitcoin to reach $1,000,000. Therefore,
we must continue to monitor its progress closely.
