Monday, 15 May 2017
Impressive: ₦3,1M ($10K) Bitcoin Investment in 2010 Now Worth ₦63.2B ($200M), Gold ₦3M ($9K)
All hail early Bitcoin investors
On May 13, StockTwits, the world's largest financial communications platform for the investing community, revealed certainly one of its users'growth chart comparing various currencies, bonds and assets. Inside, a StockTwits user by the name of Charlie Bilello noted that the ₦3,1Million ($10K) investment in Bitcoin produced in July 2010 might have earned investors a ₦63.2B ($200 mln) return.
To be exact, a Bitcoin investor who purchased ₦3,1Million ($10K) worth of Bitcoin in 2010 might have earned ₦63.2B ($200 mln)
On the other hand, an investor who purchased ₦3,1M ($10K) worth of gold in 2010 might have experienced an adverse return of ₦3M ($9K)
Gold is widely regarded as a secure haven asset, which by definition means an investment that retains or increases its value amidst market turbulence and economic certainty, over time. Previously seven years, gold hasn't met either of both descriptions. Gold didn't sustain its value over a seven-year period and didn't see a rise in its value. Thus, whether gold can still be viewed as a secure haven asset is very unclear.
Since July of 2010, Bitcoin has significantly outperformed the Japanese yen, Canadian dollar, Euro, Silver, Gold, US Dollar, bonds, global stocks, US property and US stocks. Naturally, its decentralized nature, high liquidity and transportability begun to interest a wide selection of investors seeking for alternative assets to safeguard their wealth with a long-term investment.
The perks to be Bitcoin
In lots of ways, Bitcoin could be perceived as Gold 2.0, or digital gold , because of its characteristics. Unlike gold, Bitcoin can sustain its value as well as record a rise in its value with time due to the fixed method of getting 21 mln Bitcoins. If an enormous gold supply is discovered, then gold could become inflationary with regards to supply and could hinder its mid-term value.
In reality, in late March, China's largest gold mine up to now was discovered by Shangdong Gold Group, a state-owned gold producer in China. During the time, Bloomberg reported:
“The Xiling mine in Shandong province told local authorities it'd found 382.58 a lot of gold reserves and that the quantity could reach significantly more than 550 tons once exploration is completed in two years.”
Moreover, Bitcoin's ownership is evidently portrayed with the usage of cryptography. Hence, Bitcoin can't be seized by a main entity as the Bitcoin network itself is decentralized and unalterable.
Furthermore, Bitcoin offers an important component which gold fails to supply and that's settlement network. Bitcoin at the time of current is frequently called digital gold and settlement network. It isn't necessarily perceived as digital cash as presented by Bitcoin creator Satoshi Nakamoto due to the not enough scaling and the network's high transaction fees.
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