Bitcoin, introduced in 2009 with a price of zero, reached $1 in February 2011. Fast forward to 2024, the world’s most popular cryptocurrency is now hovering near $100,000. As of November 24, Bitcoin’s price stands at $97,654.9.
To give you an idea of the incredible returns Bitcoin has delivered, let’s assume you invested Rs 100 in 2011. At that time, $1 was equivalent to Rs 45.50, allowing you to buy 2.22 Bitcoins with Rs 100.
Fast forward to 2024, with 1 Bitcoin priced at $97,654.9 (approximately Rs 82.43 lakh), your 2.22 Bitcoins would now be worth a staggering Rs 1.65 crore!
2020 was best year for Bitcoin
The cryptocurrency began the year, which will be remembered as one of the worst for the global economy — marked by financial market downturns and prolonged economic shutdowns due to the COVID-19 pandemic — at around $7,100. Amidst the turmoil, Bitcoin ended the year near $29,000, delivering an astounding 400% surge that year.
Also read: 4 Crypto Altcoins that could deliver 50 times returns by 2025
The following year, 2021, marked by the devastating second wave of COVID-19, was another remarkable one for Bitcoin. The cryptocurrency hit milestones of $40,000 in January and $60,000 by mid-April. However, 2022 and 2023 saw a reversal in fortunes. Bitcoin ended 2022 below $20,000 and further plunged to a low of $16,530 at the beginning of 2023.
Why Bitcoin is rising
The main reason for Bitcoin’s astronomical rise is the expectation among investors that US President-elect Donald Trump will introduce favorable policies for the cryptocurrency industry. During his election campaign, Trump pledged to make America the “Bitcoin and cryptocurrency capital of the world.” Investors and traders have viewed this promise as a significant opportunity. Since the election, Bitcoin’s price has surged by approximately 40%, reflecting growing confidence in the crypto market.
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