The Rise and Fall and Rise and Fall of Bitcoin
For the first couple of years bitcoins were “collectible” mainly by techies and had little to no value. In 2010, a year after first appearing on the scene, a Jacksonville, Florida pizza shop sold two pizzas for 10,000 bitcoins. In early 2011, the price reached $1 per bitcoin, and soared to $31 by mid-year. By the end of the year it fell back down to $2, In 2012, the value slowly rose, rebounding to $13 by the end of the year.
The year 2013 was a remarkable year for bitcoins as it soared to $266 by mid-April, dropped to $100 by June, and then peaked at $1,232 by the end of November. In 2014, the price bounced between $340 and $1,000 throughout the year.
By 2015, bitcoins value had settled in to the $200-$500 range, and took another leap in value to $500-$700 through much of 2016. But few were prepared for the coming explosion in the value of bitcoins in 2017.
In January of 2017, the value of a bitcoin reached over $1,100 and was just getting started. In May and June the price soared to $2,000 and $3,000 respectively. In August, Bitcoin reached a new peak at $4,600 and briefly reached $5,000 in September. As of the fourth quarter of 2017, the price remained at over $4,000.
Those two pizzas in Jacksonville would be worth about $40 million dollars in today’s value for bitcoins.