Coinbase CEO Brian Armstrong recalled that about 16 years ago you could buy 1,309 BTC for just $1.
“The people who are crazy enough to think they can change the world are those who do that,” Armstrong said.
The earliest price of Bitcoin was purely theoretical as it was calculated by a developer named NewLiberTyStandard based on the electricity costs required to mine a single token.
The formula used by the developers included the average annual power consumption of high-end CPU computers, the average U.S. home power costs, and the number of coins generated by computers in a month.
This rating was the reference point for communities where Bitcoin had not yet had a market price. In fact, the first real-world transaction, including the original cryptocurrency, took place only next year.
$1 million from Bitcoin
As reported by U.Today, Armstrong now predicts that major cryptocurrencies could reach $1 million by the end of the decade. He cites the growing clarity of regulations as one of the key reasons behind his bullishness.
