Early adopters of Bitcoin who horded as much of the cryptocurrency as they could and then sat back have reason to celebrate today. The volatile digital currency topped the $3,000 mark over the weekend. While the value of Bitcoin has been known to see big spikes (and drops), this was this first time it breached $3,000 since the cryptocurrency was introduced in 2009.
Reaching the new milestone was not wholly unexpected. Bitcoin had been trending between $2,700 and $2,900 during the past week before leaping over the $3,000 hurdle, albeit briefly. To put the milestone into perspective, you could have purchased 5,000 Bitcoins in 2009 for a measly $27, as one Norwegian man did who forgot about them until years later when that investment was worth $980,000. That was in 2013. At the $3,000 mark, those 5,000 Bitcoins would be worth $15 million.
Bitcoin's rise to $3,000 coincides with growing interest in alternative currencies. Ethereum, a newer type of cryptocurrency, has also skyrocketed to record levels—it was trading at more than $407 on Monday, a 5,000 percent rise since the beginning of the year.
"The inflows into 'alts' are greater than those into bitcoin. In other words, bitcoin is growing at a very nice pace, but non-bitcoin cryptocurrencies are growing even faster," cryptocurrency hedge fund manager Tim Enneking told CoinDesk.
Does anyone have any data about what percentage of $btc owners use it to purchase a product or service in any given day? Month ?— Mark Cuban (@mcuban) June 11, 2017