A Reddit Post From 2011 Said $3 for BTC is Entirely Reasonable
Two years after the development of the first-ever decentralized cryptocurrency Bitcoin (BTC) in 2009, a post on the social media platform Reddit argued that $3 is completely reasonable for Bitcoin (BTC) and said, “to expect it to rise is missing the point of money”. The Reddit user said that the figure $3 does not seem sustainable for Bitcoin. Now, the price value of Bitcoin holds around $11,700 at the moment.
Blockfolio, the famous cryptocurrency portfolio management application has shared this Reddit post that claimed that the $3 figure is not sustainable for Bitcoin while arguing that the first-ever cryptocurrency was overvalued. The Reddit post showed a skeptic attitude toward the price value of Bitcoin trading at $3. This is what the Reddit post from 2011 stated:
“Just from looking at some bitcoin mining calculators, then the +100% return on capital per month you could be making at the peak seems somewhat unsustainable. And it seems that if you assume free electricity then you’ll be making around 10-20% return per year on capital invested in mining gear at current price levels, which isn’t bad…And it’s important to remember, currency is a tool to facilitate transactions, it’s not something you hold or print to get rich In the long run the current price is far closer to something sustainable.”
Source: Blockfolio
From $3 to $11,700
At the time, when the Reddit post was shared in the year 2011, the price value of Bitcoin was trading around $3. But now the world’s largest digital currency by market cap has even crossed the $11000 figure as well. This means that from the year 2011 to the present year of 2020, the price value of the leading cryptocurrency has risen high from the $3 mark to the $11,700 area around where it is trading at the moment.
This is a 3,866-fold price increase that the top-ranked digital currency Bitcoin has shown during the course of these past nine years. Bitcoin’s price is now attempting to break above the $12k mark.
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