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1 Dollar in bitcoin 7 years ago is valued at over 1.4 million dollar today
Posted on: 18/Aug/2017 11:23:53 AM
The value of Bitcoin, hugely popular for financial transactions in the economically advanced countries, has shot up a long way today.
During the trading on Monday (14th August), the value of bitcoin rose to an unprecedented high of US $ 4251.
Sensational appreciation
Even as the international stock market is encountering several adverse developments on different avenues, the value of Bitcoin has grown by 320% in the year 2017 alone. It is worth noting here that no other crypto-currency has grown to this extent.
Japan
Japan has declared that Bitcoin can be used as a valid currency. Following this, out of the investments made on Bitcoin, Japanese Yen constitutes around 42%.
As of now, the financial exchange on Bitcoin is in vogue in most of the leading shops in Japan.
The reasons for the astronomical growth of Bitcoin
Though there are many reasons for this astronomical appreciation and growth of bitcoin, the most important reasons are the enhanced limit on doing commercial trade and also the advancement of technological applications in most countries. This has led to a growth of 320% phenomenal growth in Bitcoin in the last 7 months alone.
Safety
Because of the current confrontations between the USA and North Korea, the investors consider the trading through bitcoin as safer. So, the extent of investment in bitcoin has grown especially since the sale few months.
Value
As on 22nd May 2010, the value of bitcoin was just 0.0003 US Cents.
However, today, it is worth 4115 US $.
So, for an investment of 1 US $ made in 2010 is now worth 1.4 million US $.
This works out a return of Rs. 898.1 Crore for an investment of just Rs. 64.
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