Coinbase CEO Brian Armstrong has recalled that one might purchase 1,309 BTC for precisely $1 roughly 16 years in the past.
“The individuals loopy sufficient to assume they’ll change the world are those who do,” Armstrong mentioned.
Bitcoin’s earliest worth was purely theoretical because it was calculated by a developer named NewLibertyStandard based mostly on the price of electrical energy that was required for mining a single token.
The system utilized by the developer included the common annual electrical energy consumption of a high-end CPU pc, the common residential electrical energy price within the US, in addition to the variety of cash generated by the pc in a month.
The valuation was a reference level for the neighborhood when Bitcoin nonetheless had no market worth. In actual fact, the very first real-world transaction involving the unique cryptocurrency occurred solely the following yr.
Bitcoin to $1 million
As reported by U.Right this moment, Armstrong is now predicting that the main cryptocurrency might attain $1 million by the top of the last decade. He has cited rising regulatory readability as one of many key causes behind his bullishness.