Nov 25, 2024 10:32 AM IST
Bitcoin may cross the $100,000 mark soon, with global investment firm Bernstein expecting it to touch $200,000 by 2025, $500,000 by 2029, and $1 million by 2033
When Bitcoin was launched in 2009, few people would have expected that its prices would go up to the current astronomical heights and it would become a global finance sensation.
This brings forth the question of how much one would have made if one had invested, for instance, a sum of ₹10,000 in 2010, a year after its launch.
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What was the price of Bitcoin in 2010?
At the beginning of 2010, Bitcoin’s value in US dollars was $0.05 per coin (As per CoinCodex data). This means it would have cost ₹2.29 per coin taking into account the fact that one dollar was equal to ₹45.73 in 2010 (As per Bankbazaar data).
This means that in 2010, ₹10,000 would have gotten you 4,366.81 Bitcoins.
What is the price of Bitcoin in 2024?
The spot value of Bitcoin in US dollars as of November 25, 2024, is $97,821.88 (As per Bloomberg data). It is expected to cross the $100,000 mark anytime soon and global investment firm Bernstein also expects it to touch $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
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This means that the 4,366.81 Bitcoins would now be worth $427,169,563.8028 ($427.17 million).
With the current exchange rate of ₹84.45 for $1 (As per Bloomberg data), the ₹10,000 investment would now be worth ₹3607,44,69,663.15 or ₹3,607.44 crore.
This is a whopping 36,07,445.97% (36.07 lakh per cent) return on your investment over 14 years.
What is the regulatory scenario surrounding cryptocurrencies in India?
Indian regulations surrounding cryptocurrency have been vague. Though the Reserve Bank of India (RBI) has called for a complete ban on cryptocurrency, the finance ministry at the moment has only imposed a 30% tax on profits made out of crypto trade without any provisions for offsetting losses and with a 1% tax deducted at source (TDS) as well after a certain amount.
Also Read: India on the sidelines as the future of finance dawns
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