A look inside the luxury market’s shift to Bitcoin

 

In 2011, one single Bitcoin held a US Dollar equivalent value of just 30 cents. At the time of writing, less than a decade later, that same unit of cryptocurrency is worth $9,912.

If you owned that one, solitary Bitcoin – whether as a curious experiment or as a seal of approval for the philosophy of decentralised currency – your yield on investment would be a whopping 3,303,900%. (Yes, that’s three million, three hundred and three thousand, nine hundred.)

In that time, of course, the market has fluctuated, way more than you could expect with any traditional government issued currency (known as fiat currency, or fiat money). At its peak, the Bitcoin bubble rose to an all-time high of nearly $20,000 USD in the back end of 2017, but has settled at roughly half of that in the years that followed.

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