Whether or not you know much about cryptocurrencies, you'll have no doubt heard that Bitcoin has been soaring.

At the time of writing, a Bitcoin is worth $9,394.56 (£7,039) on Coinbase, one of the most popular online digital currency markets.

The spiralling value of the cryptocurrency has, unsurprisingly, peaked people's interest and curiosity in Bitcoin. In fact, Coinbase added around 100,000 accounts between Wednesday and Friday this week, reaching a total of 13.1 million. This time last year, it had 4.9 million users, according to CNBC.

Bitcoin - which is commonly regarded as the world's first decentralised cryptocurrency - was launched on 3 January 2009. A year and a half later, in July 2010, they were worth just 8 American cents each. By February 2011, however, it had reached parity with the US dollar.

Credit: PA Images

Then, clearly, was the time to buy - and a lot of people did - most of them are now millionaires thanks to the huge surge in value.

Surges have occurred before, but nothing on the scale it's currently at. At the end of last year, Bitcoin was valued at under $1,000, but hit the 1k mark for the first time on 3rd January.

It rose to over $2,000 in May, but it was in September that things really started going crazy. Bitcoin hit the $5,000 mark...and then it just kept going.

Credit: PA Images

According to Coinbase's charts, Bitcoin has risen 1182.48% in value since this time last year - a huge return on investment. So even if you were late to the party and bought a couple at the end of 2016, you'd be very happy right now.

But what if you got on-board really early? What if, for example, you'd bought $5 (£3.75) back when they were 8 cents each?

Well, $5 (£3.75) worth at 8 cents each would mean 625 Bitcoin. And 625 Bitcoins are today worth $5,871,600 (£4,399,685). Excuse us while we go cry ourselves to sleep for not buying them earlier.


Featured Image Credit: PA Images

James Dawson

James Dawson is a Journalist at LADbible. He has contributed articles to LADbible’s ‘Knowing Me, Knowing EU’ series on the EU referendum, the 'Electoral Dysfunction' series on the 2017 general election, the ‘U OK M8?’ series tackling mental health amongst young men, and for its ‘Climate Change’ initiative in partnership with National Geographic.

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