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I​f You'd Invested $1,000 In Bitcoin 10 Years Ago Here's How Rich You'd Be Today

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I​f You'd Invested $1,000 In Bitcoin 10 Years Ago Here's How Rich You'd Be Today

You don't have to know much about Bitcoin to understand that it's a pretty big deal these days, having gone from some obscure cryptocurrency with practically no monetary value to something that can make people stinking rich.

This means that the investors who got involved early doors are no doubt feeling pretty smug right now - even if they'd invested just $1,000 at the time.

According to The Ascent, a personal finance service by The Motley Fool that rates and reviews products for everyday money matters, at the start of May 2011 - just a couple of years after the creation of Bitcoin - you could have bought approximately 286 Bitcoins for $1,000.

At the time, the Bitcoins weren't worth much - but now? Well, now 286 Bitcoins would be worth millions.

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Credit: PA
Credit: PA

The Ascent's Matt Frankel explains: "At the start of May 2011, Bitcoin was trading for approximately $3.50 (that isn't a typo).

"So, $1,000 would have bought approximately 286 Bitcoins, not counting any transaction costs. As of April 27, 2021, Bitcoin trades for $54,680.

"That means 286 Bitcoins would be worth approximately $15.6 million today, assuming you held on to them for the past 10 years."

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So as of 8 May, when the article was published, your few hundred Bitcoins would make you a multi-millionaire.

That is, of course, if you're able to access your Bitcoins - which is the problem one man has been facing.

Stefan Thomas hit headlines after he revealed he had just two more tries to access 7,002 Bitcoin - equivalent to almost $239 million (£175m) back in January when the news broke - that is stored away on a small hard drive called an IronKey.

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The hard drive allows users 10 attempts before it packs in and encrypts the content forever - Thomas has entered eight incorrect passwords, meaning he's got just two left.

Thomas misplaced the password back in 2012, and it seems as though he's used the nine years since to work through his loss.

Speaking to KGO-TV, Thomas, who lives in San Francisco, said: "There were sort of a couple weeks where I was just desperate, I don't have any other word to describe it.

"You sort of question your own self-worth.

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"What kind of person loses something that important?"

He then went on to say 'time heals all wounds' and that he has 'made peace' with his loss.

He added: "It was actually a really big milestone in my life where, like, I sort of realised how I was going to define my self-worth going forward.

"It wasn't going to be about how much money I have in my bank account."

Featured Image Credit: PA

Topics: Bitcoin, News, Money, Cryptocurrency, currency

Jess Hardiman
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