Statista reported on March 3, 2024 that Bitcoin (BTC) price again reached an all-time high in 2021, as values exceeded over 65,000 USD in November 2021. That particular price hike was connected to the launch of a Bitcoin ETF in the United States, whilst others in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla's announcement in March 2021 that it had acquired 1.5 billion U.S. dollars' worth of the digital coin, for example, as well as the IPO of the U.S.' biggest crypto exchange fueled mass interest. The market was noticeably different by the end of 2022, however, with Bitcoin prices reaching roughly US$62,067.87 as of March 3, 2024 after another crypto exchange, FTX, filed for bankruptcy.
Unlike fiat currency like the U.S. dollar – as the Federal Reserve can simply decide to print more banknotes – Bitcoin's supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin's original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021.
Forbes Advisor reported on February 13, 2024 that ever since its launch in 2009, bitcoin (BTC) has made headlines and drawn interest from tech enthusiasts and investors. The cryptocurrency has seen multiple meteoric rises, jumping from less than $500 in 2013 to more than $64,000 by 2021.
After a major decline from those heights, bitcoin dropped below $17,000 in 2022. However, the crypto has since rallied, even surpassing $50,000 on February 12, which has led has many investors to wonder if bitcoin could rise above its historical highs and reach six figures.
In January 2014, bitcoin was worth approximately $800. By January 2024, it was worth more than $42,000. That represents a price increase of better than 5,150% and an annualized return of more than 135% per year over the past decade.
Forbes notes that if bitcoin experiences that same rate of appreciation in its average annual returns, it will reach $98,700 in January 2025 and hit $100,000 in February of that same year.
Some experts believe bitcoin could increase in value even more quickly.
