Bitcoin, the first of the cryptocurrency coins to be introduced to the virtual business space, has been announced as the best investment of the decade by CNN Business, New York in an article on their website on Wednesday, 18th, December, 2019.
Though bitcoin is currently valued at about $7,000hile which is still significantly below its peak price of almost $20,000 two years ago, it is still significantly higher than the fractions of a penny that one bitcoin had been worth at the beginning of 2010.
According to a recent report by Bank of America Securities, an investment of $1 in bitcoin at the start of the decade, would be worth more than $90,000 now.
Despite being a highly speculative investment, Bitcoin has soared in the past decade and has emerged as the most-popular and widely accepted cryptocurrency in the world as more retailers are accepting it as a form of payment, and several investment firms and exchanges have launched futures trading for bitcoin, a move that helped legitimize it.
Also, Facebook’s proposed digital currency, Libra, has also further validated bitcoin and other crytpocurrencies in the minds of many investors as it shows that the idea behind the virtual currency system is not only legitimately valuable but also worth replicating.