How has Bitcoin grown over the years?

November 14, 2021

The introduction of bitcoin, the largest cryptocurrency that runs on blockchain technology, entirely changed the fate of digital currencies and ushered in a new age of finances. Its creator, Satoshi Nakamoto, had intended to circumvent the conservative banking set up after the 2008 collapse. He, therefore, designed bitcoin as a decentralized currency that no authority would regulate but would still serve as a means of day-to-day interactions.

Although bitcoin failed to gain momentum as an alternative to fiat currency for regular use, it has become a valuable financial tool. It has now assumed the role of a secure store of value that offers high potential returns and a safeguard against inflation. As an asset, bitcoin has had a very volatile and eventful trading history. Its value has kept growing with leaps and bounds, frequently taking everyone by surprise.

Changes in bitcoin prices

Bitcoin price fluctuations generally stemmed not from any firmly grounded reason or facts but mostly from investors’ expectation of an ever-increasing price that would generate high potential returns. Apart from its regular volatility, bitcoin has often had to face massive rises and falls in price because of the numerous problems that continue to plague its ecosystem like fraudsters, multiple scams, and lack of any binding regulation. The scenario, however, can be expected to change as institutional investors have begun taking an interest in it. This can result in changes in the policies and the introduction of a certain level of stability.

The various governments have also started acknowledging bitcoin now. While countries like China and Russia continue to hold bans against this digital currency, countries like the US and Canada have always held a generally bitcoin-friendly perspective. At present, more and more countries are realizing the potential of this cryptocurrency and are granting legality to it. El Salvador became the first country to give complete recognition to bitcoin as a legal tender. To learn the current price of this currency, pay a quick visit to Immediate Bitcoin.

The price of bitcoin increased for the first time when it went from a fraction of a penny to $0.08. The first price bubble, or unnatural rise in bitcoin’s price, occurred in 2011 when it jumped from $1 in April to $32 in June. A very sharp drop in crypto prices followed this, and bitcoin ended the year changing hands at $2.

In 2012, the rise and fall in crypto prices were somewhat controlled, with a marginal improvement. In August, it rose to $13.20 and remained within the range. 2013 proved to be a roller coaster for bitcoin prices, with the cost being $13.40 at the beginning of the year but rising to $220 by April. However, by mid-April, it had fallen back to $70. Another spike took place by the end of the year, and bitcoin ended the year at $760. These sudden rises symbolized the beginning of a multi-year slump, and by the end of 2015, bitcoin prices remained at $315.

The subsequent price bubble occurred in 2017 when the price rose to $20,089 in December from $975.70 in March. This streak helped bitcoin establish itself as a vital financial tool in the global scenario. Various governments had to look into its possibilities and acknowledge its potential.

For the next two years, bitcoin prices remained comparatively stable, with the graph moving only sidewise. Some signs of life were visible, though the impact remained similar. In 2020 when the global economy had to shut down because of the pandemic, the next price bubble took place. The result is that, at present, bitcoin has been doing rounds at around $50,000.


The changes in the price of bitcoin have been a reflection of user enthusiasm and dissatisfaction alternatively. When investors felt that bitcoin could be a substantial alternative to the existing economic system, they spiked interest in purchasing it. That turned into a price rise. On the other hand, when investors felt a general dissatisfaction with its promise, the prices suddenly fell. This rise and fall have been the cause of many discussions and deliberations over the last decade.


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