Today, October 5, marks an anniversary in the history of Bitcoin (BTC) in which a total of 1,309.03 BTC units equaled $1.
The notification was brought to the fore by Pete Rizzo, a Forbes contributor and self-proclaimed Bitcoin historian. Rizzo attached a chart to his post showing how the asset’s price grew on different days in October 2009.
History of Bitcoin as a Wealth Builder
Notably, as of October 5, 2009, $1 amounted to 1,309.03 BTC tokens. At this rate, 1 BTC was worth $0.0007639. However, the asset skyrocketed in the following days, hitting $0.001128 per BTC on October 13, 2009. With the October 13 rate, $1 amounted to 885.91 BTC tokens.
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Adding context to the data, Rizzo noted that the digital currency celebrated today was worth literally $0 back in 2009. It has printed more than 3.6 billion percent at current price levels since then.
For further context, a $1 investment in Bitcoin on October 5, 2009, will yield an approximate return of $36.27 million. This massive price growth peaked in November 2021 when the cryptocurrency soared to its All-Time High (ATH) price above $69,000. Since then, the coin has been on a steady reversal.
Over a decade, Bitcoin has become a revered asset class many investors place their bets on. While individual or retail buyers first fueled its recognition, top institutions now know its worth and invest heavily in its accumulation.
One such institution is MicroStrategy, a business intelligence and software firm accumulating Bitcoin since August 2021. MicroStrategy remains a crucial model for other firms as its total BTC holdings have now exceeded 158,245 BTC, which makes up 0.754% of the Bitcoin supply.
Projections for More Price Growths
With the possibility shown by RIZZO on how far Bitcoin has come, many industry leaders are even more optimistic that there is more upside for the digital asset.
Besides Binance CEO Changpeng ‘CZ’ Zhao, who predicted that it could take Bitcoin 2 years to retest its ATH, several analysts are more optimistic, with calls ranging from $1 million according to Ark Invest Founder Cathie Wood to more than $75,000 by the end of this year per a profiled Bitcoin price prediction table.