The Bitcoin Bonanza, the Cryptocurrency Marks a Record High

The Bitcoin Bonanza, the Cryptocurrency Marks a Record High

The Bitcoin Bonanza, the Cryptocurrency Marks a Record High

$GLD, $BTCUSD

$100’s worth of Bitcoins 7 years ago are now valued at nearly $80-M

Bitcoin has more than 2X’d this year compared against the USD, reaching a record high of $2,190.45/each Monday, the 7-year anni of Bitcoin Pizza Day.

The Day commemorates the time a programmer named Laszlo Hanyecz spent 10,000 Bitcoin on 2 pizzas.

 Mr. Hanyecz on 22 May 2010, asked a fellow Bitcoin enthusiast accept 10,000 bitcoin for two Papa John’s Pizzas. At the time, Mr. Hanyecz believed that the coins he had “mined” on his computer were worth around $0.003 each according to the lore.

Bitcoin mining is the process of solving a complex mathematical equation that awards the miner with a Bitcoin.

If you bought $100 of Bitcoin at the $0.003 price on 22 May 2010 and held it, you would now be sitting on around $72.9-M, according to the math calculation, that is millions of %’s in gains.

The Bitcoin Rally is being driven by its acceptance for payment in Japan as a legal currency.

About 40% of Bitcoin Forex (foreign-exchange) transactions involve converting JPY into Bitcoin. Bitcoin is also seen as a safe-haven asset like Gold in troubled and uncertain times.

Stay tuned…

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