Bitcoin hits a new price record as it has reached the amount of $2,185.89 per coin in the early hours of Monday morning. Bitcoin was trading for about $1,300 per coin at the end of April and now, three weeks later it jumped to $2,000 per coin. The cryptocurrency’s market capitalization has climbed to $33 billion, for the first time in history.
For many months, the value of Bitcoin was rising. Four years ago, the cryptocurrency system first broke the $1,000 valuation threshold, however after this period it dropped in price. As per some analysts, they claimed that the dip relates to the Mt. Gox hack.
Monday 22th is also celebrated by Bitcoiners as the Bitcoin Pizza Day. On this day in 2010 Bitcoin Talk member Laszlo spend 10,000 bitcoin for two Papa John’s pizzas – the most expensive pizzas in history. Not only is the transaction deemed the first bitcoin exchange for real-world value, the trade is now appraised at $20 million at today’s exchange rates.
“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe two large ones, so I have some leftover for the next day — I like having leftover pizza to nibble on later,” explained Hanyecz. At the time, Hanyecz believed that the coins he had “mined” on his computer were worth around 0.003 cents each.
Some pundits believe that Bitcoin has the potential to reach the price of $10,000 per coin, but to achieve this the community would likely have to sort out the scaling issue, which would give confidence to investors that bitcoin’s infrastructure be able to support it as it grows.
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29 October 2020