Exactly Twelve years ago today, a Bitcoin fiction character user NewLibertyStandard goes on to publish what’s is considers as the first BTC/USD terms. Additionally, NewLibertyStandard publishes on his website, bearing same name, describing the 2009 exchange rate.
“During 2009 my exchange rate was calculated by dividing $1.00 by…”
“…the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh,…”
“…multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136,…”
“…divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.”
Then, The Bitcoin on Dollar price is spectacular due to it shows the first mark of demand for the asset. More so, it shows the digital currency’s increase rate over the years. Subsequently, We can go ahead to describe in theory what this price signals –
This goes to believe that Someone in the market shows willingness to use 1$ and 1,309.03 BTC. Additionally, that amount of Bitcoin will go for just $1 dollar. Putting things in perspective, this means that 1BTC price goes around for $0.00076392.
However, On 6 October 2009, the price in Bitcoin sees increase according to NewLibertyStandard’s measure. Furthermore, the price of 1 BTC equals to $0.00088454 then.
Meanwhile, At the time of writing, 1 BTC costs about $54k.
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Bitcoin Price Breakdown :
5 October 2009: 1BTC = $0.00076392
5 October 2021: 1BTC = $49,880.00
49,880.00 – 0.00076392 = 49,879.9992
49,879.9992 / 0.00076392 = 65,294,794.3
65,294,794.3 * 100 = 6,529,479,430%
Conclusively, Bitcoin sees 6,529,479,430% increase over the years since its first price in dollars. This makes Bitcoin the most appreciating asset in Human History.
