Bitcoin (BTC) Buyers Since 2011 Register 0.347% Profits Per Day As Store Of Value Property Builds
Although cryptocurrencies have been in a bear trend since the beginning of the year, Bitcoin holders since 2011 have registered 0.347% profits per day if they keep holding their virtual currencies.
According to the Store of Value Tracker Website, if an individual bought Bitcoin in January 2011 it has registered a 0.347% daily average change. Investing $100 dollars in Bitcoin back in 2011 is currently equal to $2,138,049 dollars. That means that the value change since that moment was 2,137,949%.
This shows that Bitcoin, despite having a negative year, can be considered as a reliable store of value. In the future, the price of the popular virtual currency could reach new all-time highs according to some experts in the space. John McAfee, for example, believes that in the coming years Bitcoin could reach $1,000,000 dollars.
At the same time, as Store of Value Tracker reports, this is the second year in history with a negative price action for Bitcoin. The first year declining was 2014. At that time Bitcoin lost around 58% of its value. It is surprising to see that in 2013, Bitcoin grew 5,593.70% registering a daily change of 1.12%.
During the last months, Bitcoin volatility has dropped and Bitcoin reached new lows in more than a year. Although falling prices are not positive, lower volatility could be related to an increased market maturity compared to previous years.
At the time of writing, Bitcoin is being traded close to $5,700 dollars and it has lost more than 10% of its value in the last 24 hours. Its market capitalization is $98.6 billion dollars. Most of the virtual currencies in the market are operating negatively in the last 24 hours. Nevertheless, for the long-term, experts remain bullish.