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Home Technical analysis BTC

Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade

Tony Spilotro by Tony Spilotro
3 months ago
in BTC
Reading Time: 3min read
Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade

Businessman Put Coin To Highest Stack Of Coins

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Today is the last day of 2020 — a year so many are ready to say goodbye to and never look back at. But for Bitcoin, the cryptocurrency is about to close out its most important year yet. 

At the same time, the asset also closes the last ten years as the best performing asset since 2011, underscoring a decade of growth that is only just beginning. Here’s how Bitcoin stacked up against the rest of the world of finance over the last decade. 

From Early Bitcoin Beginnings To Now

The Bitcoin white paper was first distributed in 2008, and the genesis block that began it all was mined in 2009. In 2010, the first well-known commercial transaction involving BTC and two pizzas took place. 

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But it was 2011 when the asset rose to over $1 and started to be widely used as a currency — primarily for transactions on the Silk Road dark web marketplace. 

Related Reading | Analyst: Bitcoin Parabolic Trend Is “Close To A Breakdown”

From there, it has continued to be used as such but also has taken on many other use cases as its market cap has grown. Today, in 2020, institutions, billionaires, celebrities, and corporations are now buying BTC to store value and hedge against inflation. 

bitcoin history 2020

Bitcoin's entire history of price action | Source: BLX on TradingView.com

How The Cryptocurrency Compares Over The Last Decade

From the asset’s early days in 2011 as an emerging form of peer to peer electronic cash to the current digital gold narrative, the price per BTC has grown to just under $30,000.

Data shows that the cryptocurrency has outperformed every other asset over the last ten years, with a staggering 6 million percent increase. This equates to over 200% annualized returns, with the next best performer being the Nasdaq 100 at just 20% annualized returns. 

All assets compared in over the last ten years | Source: Charlie Bilello

Looking at it from the perspective that the asset has already grown from under $1 to $30,000 and over 6,000,000% gives the false impression that’s it’s too late to invest in Bitcoin. But because of the cryptocurrency’s potential and promise, it could ultimately reach prices of hundreds of thousands to millions per coin. 

Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins

Some of the most brilliant investors alive claim getting into Bitcoin even now is like investing in Google or Apple early. Just as many naysayers exist, however, but people often don’t agree with what they cannot understand. 

Others have compared Bitcoin to the internet, and like that technology — including email, websites, and more — was all demonized at first and thought to never replace existing systems. 

Is the same fate as the internet ahead for Bitcoin as the asset’s most important year and it’s first full decade beyond proof of concept stage?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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