Over the course of approximately 12 years, Bitcoin (BTC) went from a little-known experiment to trading as an entirely new class of asset recognized by the conventional financial world. During this period, the price of a Bitcoin went from less than $1 to $60,000 at its peak. People bought the asset at various points along the way, with some users making significant profits from the Bitcoin price hike journey. Given that Bitcoin is now trading for tens of thousands of dollars per currency, is it too late to profit by joining BTC now? A crypto trader on Twitter thinks so.
“To be honest, I just don’t care what bitcoin does anymore,” said Moon Overlord in a tweet from March 15, 2021. “We’ve already done that,” they said, adding, “And yes, it’s too late to buy it, it costs $50-$60K for ONE, it’s time to look elsewhere if you’re new or don’t have much to invest.”
People had months to stock BTC for less than 10 cents per currency in 2010, according to BraveNewCoin’s Bitcoin Liquid Index (BLX) on TradingView. The difficulty with buying Bitcoin so soon, however, was that the asset had far less advertising and on-access purchase availability than it does today.
Even in 2015, however, there were plenty of opportunities to buy BTC for less than $330 per currency, which would yield significant profits if sold at today’s prices. Although Bitcoin had already accumulated huge percentage gains of $330 per currency, one unit of the asset was still affordable compared to prices above $50,000.
“It’s not too late, just DCA”
It’s too late, let’s stop this shit. You will never do a “dollar cost average” when it is $55,000 PER ONE.
When $btc worth a few thousand, to be sure, this strategy was much more solid, but it isn’t anymore.
– BIG DOG (@MoonOverlord) March 15, 2021
DCA refers to the average dollar cost.
“It’s too late to magically get rich with bitcoin, deal with it,” Moon Overlord said in a separate tweet, adding: “Are you a Fortune 500 company or a country/nation? So it’s probably still good for you.”
In 2021, on the r/Bitcoin subreddit, Reddit user u/DocumentingBitcoin posted a 2010 statement by user “ichi” in which the user expressed feelings that he had lost Bitcoin. “I only have 600 bitcoins, practically all generated in the last week,” explained ichi on July 25, 2010. “I missed the tram,” said the user, followed by a sad-faced emoji.
The Bitcoin price around the date of the original 2010 post ranged from $0.05 to $0.06 per currency, as per the daily candles from July 24-26, 2010 on the BLX chart in TradingView.
Some crypto industry participants speculated on the value of Bitcoin hitting prices significantly higher than its record nearly $65,000, with some even thinking $1,000,000 per BTC isn’t out of the question. A more notable advantage means more potential profits in the future for BTC, although these percentage gains may be smaller than some of the profit percentages seen in certain altcoins in 2020 and 2021.
Yearn.finance (YFI), for example, rose more than 5,000% in price in 2020. Certainly, investing or trading in lesser-known cryptoactives than BTC can come with greater risk of loss due to potential project failure, price drops of assets and regulatory changes, among others.
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