Featured Image Credit: Getty Stock Images
Topics: Bitcoin, Business, Cryptocurrency, Money, Technology
Anish Vij
Topics: Bitcoin, Business, Cryptocurrency, Money, Technology
If you invested just £10 into Bitcoin in 2010, you would be laughing all the way to the bank.
The cryptocurrency has been valued at an all-time high, and if you'd put your money down back in the day, you'd be absolutely loaded.
Bitcoin is a digital currency that operates on a network unmanaged by a single person or organisation.
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The way it works is that transactions are verified and recorded on a public ledger called the blockchain, maintained by a global network of computers.
The currency itself is created through a process called mining, where computers solve complex math problems.
Bitcoin has become very popular in recent years, because it's untethered tied to any government or bank.
People all around the world can use Bitcoin to send money with low fees.
Similar to stocks and shares, the value of Bitcoin changes based on supply, demand, and market interest.
Following Donald Trump's presidential election win, promising more crypto-friendly regulations, the value of Bitcoin has reached a record high.
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Stocks and shares, generally, have also soared, while some of the big tech firms have taken a slight hit.
In May 2010, Bitcoin was valued at around £0.003, based on early exchange rates, so a £10 investment would have bought approximately 3,333 BTC.
So at today’s price of £72,000 per Bitcoin, 3,333 BTC would be worth a whopping £239,976,000, at the time of writing.
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Yep, you'd be filthy rich.
Prof Carol Alexander of the University of Sussex Business School told CNBC back in January that if Trump won, the price could reach $100k (currently worth £79k) by the end of this year, and it's almost there.
She said: "This bull run will increase adoption by retail especially, but also institutions. Unfortunately, this growth will be on the back of failing regulations.
"Huge hidden risks will be swept under the carpet as the US Securities Exchange Commission ceases to take out civil actions against unregulated exchanges.
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"Elon Musk's posts on X can also induce unwitting investors to herd into crypto, only to see prices fall again almost immediately.
"For instance, his famous 'Doge Barking at the Moon' in April 2021 sent the DOGE token price from 5 cents to 60 cents in a few days; but it quickly fell back to about 20 cents, where it still is today.''