Bitcoin is only three months away from its first decade. Although its impact on financial markets is notorious, from a quantitative point of view, it does represent an important paradigm shift: the breakdown of the centralized and supervised scheme of banks and the real possibility, already existing, that each person can be your own bank
One of the main variables associated with the evolution of bitcoin , associated with its relevance and the confidence it generates, is the price in US dollars, or in another fiat currency, such as euros or yen. Most of the sites that show the evolution of the bitcoin price (BTC), start in April 2013 , when it begins to be commercialized permanently with the establishment of important exchange houses.
For example, the site Coinmarketcap.com offers bitcoin price charts as of April 28, 2013, although there is historical data collected on other sites. For example, in Buy Bitcoin Worldwide, there are data and charts from August 16, 2010.
Prior to that date, the price of bitcoin was calculated through occasional transactions involving bitcoin, such as the famous exchange of 10,000 BTC for two family pizzas in May 2010 or the purchase of 5,000 BTC for 150 Norwegian kroner ($ 27) in 2009 In both transactions, bitcoin was valued at approximately 0.5 cents of US dollar.
In the aforementioned site Buy Bitcoin Worldwide, they offer the following table showing the increase in the price of bitcoin, in dollars and in percentage, compared to the current one, in the last week, in the last month or the last year. You can also see the progress of the price of BTC in the last 2, 3, 5 and 7 years.
Future of bitcoin price
It is not a simple task. It is of little use to analyze the current and historical price if it is not to observe a trend throughout its history.
Although Bitcoin uses technology superior to that used by governments and banks, nobody knows what may happen in the future. We do not know how technology will evolve, energy consumption, .
Some estimates indicate that 3 out of 4 bitcoins are being used as savings, as a store of value, so it is possible that much less than 6 million bitcoins (21 million / 4) remain available for transactions for a long time.
While some predict a failure of Bitcoin, others just the opposite. Among them Rickard Falkvinge , leader and founder of the Pirate Party, which argues that between 2020 and 2025 could be its price between 100,000 and 1,000,000 euros or more optimistic scenarios that place it at a value of 47 Million euros per Bitcoin in the next decades.
Keep calm and relax
Anyway, the price of bitcoin will be worth what people are willing to pay for it because, as we mentioned, Bitcoin is determined by the confidence of its users, as well as supply and demand in the markets of exchange.
Currently hundreds of stores accept Bitcoin as a means of payment. You can see recent bitcoin price canada here.