Coinbase CEO Brian Armstrong has recalled that one may purchase 1,309 BTC for precisely $1 roughly 16 years in the past.
“The individuals loopy sufficient to suppose they’ll change the world are those who do,” Armstrong mentioned.
Bitcoin’s earliest value was purely theoretical because it was calculated by a developer named NewLibertyStandard primarily based on the price of electrical energy that was required for mining a single token.
The components utilized by the developer included the typical annual electrical energy consumption of a high-end CPU laptop, the typical residential electrical energy value 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 group when Bitcoin nonetheless had no market value. In actual fact, the very first real-world transaction involving the unique cryptocurrency occurred solely the subsequent yr.
Bitcoin to $1 million
As reported by U.At present, Armstrong is now predicting that the main cryptocurrency may attain $1 million by the tip of the last decade. He has cited rising regulatory readability as one of many key causes behind his bullishness.
