Today’s Bitcoin Price
Check the bitcoin Price on our real time BTC/USD price index as well as if you should Buy or Sell your bitcoin based on real time market insights. Follow our helpful bitcoin charts that showcase the constantly fluctuating and highly volatile price of Bitcoin.
Bitcoin is the first cryptocurrency to consist and to bitcoin maximalists it’s the only cryptocurrency worth investing in. We want to give it a bit more focus because we find it so interesting and if there was coin to invest in we’d probably have to agree with those bitcoin maximalists and say buy bitcoin if you can afford it of course – (Disclaimer: this is not investment advice)
Should I Buy Bitcoin?
Based on today’s bitcoin price the following technical analysis chart will indicate whether you should buy or sell.
Since we are smart investors and we don’t invest in things we don’t understand, before you jump in and buy bitcoin, it might be a good idea to take step back and understand what is bitcoin?
Bitcoin is in fact an asset which makes it absolutely wonderful for trading amongst any other assets you might hold. Given its limited supply due bitcoin halving, this asset is becoming more and more rare, making it more and more valuable over time.
Bitcoin Price – 2020 Prediction
We are not one for speculation, however we do like to read charts. The price of Bitcoin in 2020 started on a good note with the price per coin exceeding $10K by February.
This was a short-lived victory since in March the price plummeted almost overnight from $7500 to $4800. Recovery of price was pretty slow as we didn’t see $9K again until early May. In early June we finally broke into $10K range again and charts at the time of writing look bullish.
Historical Price of Bitcoin
The price of bitcoin in the most recent years is know for its fluxation, however it did not start off like that. In 2010, only 10 years ago 1 Bitcoin was worth nothing at all. But despite its minimal value of $0.01 at the time, the first commercial transaction using Bitcoin occurred when Laszlo Hanyezc bought pizza for 10,000 Bitcoin. This initiative on Laszlos end was a clear indicator that Bitcoin could be used for purchasing goods. Towards the end of the year around October 2010, when Bitcoin rose to $0.125.
One year later it was already sitting at $31, but this surge was short-lived as it dropped to as low as $2 by December 2011.
The first real bitcoin price boom occurred in 2013 when Bitcoin rose to $266. Throughout 2013, the price of bitcoin fluctuated up and down hitting an all-time high of $1,240 per coin.
From 2013 to 2016 the price of Bitcoin averaged within the middle range that the coin’s value saw in 2013.
2017 was a massive year for Bitcoin. In May the price reached an all-time high of $2000 by December it was a staggering $19,783 per coin. December 2017 was also a very turbulent time for the coin, some days it would rise 5% other days it would 1/3 of its value overnight.
By the end of 2018, the price had dropped again to $3,300 as Crypto Winter was the header seen in most media publications. 2019 saw a turn in price again and by May it sat at $8000. So far in 2020 Bitcoin price seems to average around $9000 per coin.
Is Bitcoin like Money?
Bitcoin should not be mistaken as money, whilst you can transact with it Bitcoin is not money. To understand where this is insanely hard stance is coming from we first need to understand what is money? From an economic textbook perspective money is
uniquely specified as a measure of abstract value and as a means of storing and transporting this abstract value.
If this quote made absolutely no sense, fret not. For something to be defined as money, the item must check the following checklist of five points.
- must have value
- must be widely accepted
- must be divisible
- must be durable
- mustn’t deteriorate.
You are probably thinking to yourself right now, are these people mad? Bitcoin has value, its becoming more and more accepted, it is divisible (satoshis), its kinda durable because you can put it in a crypto wallet and its digital so it cant deteriorate, actually money is worse in that instance… So how can we say Bitcoin is NOT money? Unfortunately Bitcoin simply doesn’t fully meet the criteria when it comes to three other qualifiers of money which are:
- Medium of Exchange
- Store Value
- Unit of Account
Bitcoin falls short when it comes to being a ‘unit of account’. To give an example think of USD vs bitcoin; think of an item, any item you could buy, it is pretty simple to refer this item’s value in USD and people will get a pretty good idea of how much the value is of that item where ever they are from). Bitcoin also misses the mark as a ‘store value’ and this is down to its volatility. The purchasing power of Bitcoin over time is highly abstract and can change so quickly between the time it is received and spent. There are some very long arguments to be had about if bitcoin has a unit of account and why it might not have store value like qualities similar to that of money, but we will leave that for another article.
Bitcoin’s digital nature often gets it confused with emoney, however bitcoin is not legal tender (issued by a central bank or government body) so we see it more as an asset than money.