“Nothing is more expensive than a missed opportunity.” – H. Jackson Brown.
As far as missed investment opportunities go, Bitcoin is definitely near the top for a lot of people. With Elon Musk’s recent purchase of $1.5 billion worth of the cryptocurrency and announcement of Tesla’s plans to accept it as a form of payment, the currency has never been hotter.
But what exactly could you have bought for the equivalent of a bitcoin over the years?
When Bitcoin was first introduced in 2009, each coin was worth $0. The first known commercial transaction of the cryptocurrency was the purchase of two pizzas for 100,000 bitcoin. Today, that’s equivalent to $5.9 billion — more than the GDP of a small country (Fiji) and an astronomical amount that would make you the 108th-richest person in America.
Nevertheless, Bitcoin is a volatile asset and for holders of the cryptocurrency, it hasn’t all been plain sailing. From September 14 2017 to December 15 2017, the value went from $3,226 to $19,343 — a 500% increase in 3 months. However, less than 2 months later, the price dropped to under $7,000 to almost a third of what it was.
But with a 73.5 million percent increase in Bitcoin’s price from its conception to today (each bitcoin is worth $58,793.84 at the time of writing), what could you have purchased for your Bitcoin investment over the last 10+ years?
Which celebrities have invested in Bitcoin?
50 Cent accepted bitcoin for his album Animal Ambition in 2014 and reportedly earned 700 bitcoin for it. At the time, bitcoin was $657 and the cost of the album was $13.94. Today, however, the cost of the album would be $1,248 (it wasn’t that good, was it?) and 50 Cent’s earnings from bitcoin would stand at around $41.15 million. 50 has since denied possessing any bitcoin after declaring himself bankrupt in 2015.
Other supporters of Bitcoin include Mike Tyson, Mark Cuban, and Maisie Williams (who told her Twitter fans she’d bought some Bitcoin after asking for their advice. The currency has quadrupled in price since her investment). And, as we’ve already mentioned, Elon Musk recently invested $1.5 billion in the cryptocurrency. Should Chamath Palihapitiya’s prediction of bitcoin reaching $1 million come true, Musk’s investment would be worth an estimated $37.5 billion.
Meet the Bitcoin billionaires
Who holds the most bitcoin and how much is it worth?
It is rumored that the anonymous founder of Bitcoin, Satoshi Nakamoto holds around 1 million bitcoin, which, at the end of March, had a value of $59 billion. This would make the founder the tenth-richest person in the world, according to Forbes’s current standings. Also in the top 10 are the Winklevoss twins who are reported to have invested $11 million of their Facebook settlement into Bitcoin, paying $120 per bitcoin in 2013. Now, this investment is worth an estimated $5.39 billion, making them some of the first to see a billion-dollar return from cryptocurrency.
Roger Ver, aka “Bitcoin Jesus” is rumored to have 300,000 bitcoin (although, many suggest he now has more). Even with 300,000, though, these bitcoins are worth $17.64 billion in today’s money. That’s enough to buy 13.5 Big Macs for everyone in the United States.
Others with potentially huge Bitcoin investments include Tim Draper (venture capital investor) and Chamath Palihapitiya. Draper allegedly bought 30,000 bitcoins in 2014, meaning his investment is worth $1.76 billion today. With this lump sum, Draper could take a walk on the moon. Palihapitiya is said to have been in possession of $5 million bitcoin in October 2013. At today’s price, these bitcoins are worth $1.47 billion. Palihapitiya has also predicted that the price of bitcoin could go up to $1 million by 2027, which would put his Bitcoin fortune (if he still has it) at a whopping $25 billion.
So, if you were born with the gift of hindsight, Bitcoin could have been your get-rich-quick ticket, with the potential to earn even more in the future. You might’ve paid for your tuition at a top university or even bought yourself a whole Island. Plus, if Palihapitiya’s prediction does come true you could have seen an increase of 1.25 billion percent on your original investment. However, that all depends on whether or not you invested at the right time and had the nerve to hold on to it. Imagine being the guy who bought 2 pizzas all those years ago…
Looking for the current Bitcoin price?
Data researcher: George Moody