When Bitcoin was first introduced in 2009, it was a little-known digital currency with almost no value. When Bitcoin was first traded in 2010, its price was only a few rupees. By 2024, Bitcoin has become a worldwide financial phenomenon, with a price of $100,000. The returns on an investment of Rs 1,000 in Bitcoin in 2010 would have been enormous.
The price of bitcoin in 2010
Using the average dollar-rupee exchange rate of Rs 42 in 2010, Bitcoin was worth approximately $0.08 per coin, or Rs 3.38 per coin. With Rs 1,000 ÷ Rs 3.38, you could have purchased 295.85 worth of Bitcoin.
The Current Price of Bitcoin
- The Present Price of Bitcoin As of November 2024, the price of one bitcoin is approximately $98,000. The price of one Bitcoin is $98,000 × Rs 84.45 = Rs 8276100 based on the current exchange rate of Rs 84.45 per dollar.
- Your 295.85 Bitcoin is currently worth Rs 8276,100 × 295.85 Bitcoin = Rs 244.8 crore.
Return on Investment
Over 14 years, that is an astounding 24.47 billion percent. For comparison, an investment in gold, real estate, or the stock market during the same time period would not even approach these numbers.
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Important Turning Points in the History of Bitcoin
- 2010: Bitcoin’s first valuation in fiat currency occurred when 10,000 BTC was used to purchase two pizzas in its first real-world transaction.
- 2017: During the cryptocurrency boom, Bitcoin reached its first significant milestone, surpassing $20,000 per coin.
- 2020–2021: As businesses like Tesla and Square invested in Bitcoin, institutional adoption increased.
- 2023: Institutional investments are pushed into the newest financial instrument by the US SEC’s approval of Bitcoin ETFs.
- 2024: After Donald Trump won the US election, Bitcoin hit a new all-time high of $98,000 due to expectations that his administration would implement crypto-friendly policies.
Implications for Investors
The journey wasn’t easy even though Bitcoin’s exponential growth shows the potential of early investments in ground-breaking technologies. The price of bitcoin fluctuated a lot during that time.
Know what is Risk?
- High Risk, High Reward: The sharp price fluctuations that accompanied Bitcoin’s rise highlight how crucial it is to comprehend one’s risk tolerance.
- Long-Term View: Only investors who kept their investment for more than ten years were able to reap the staggering returns. Even the most devoted Bitcoin holders found their patience put to the test by the price volatility.
- Diversification: Despite Bitcoin’s remarkable returns, it is not advisable to put all of your money into a single asset.
- Regulatory: There are unclear regulations in India. The finance ministry has levied a high tax on the cryptocurrency, despite the RBI’s call for a total ban. At the moment, cryptocurrency profits are subject to a 30 tax with no way to offset losses. After a certain amount, a 1% TDS is also applied to cryptocurrency sales.
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How to Purchase Bitcoin?
Bitcoin can be bought by Indian investors on several platforms. These are Zebpay, CoinSwitch, Binance, and CoinDCX. All of these apps charge fees for cryptocurrency transactions and require KYC.
