Bitcoin BTC/USD is the largest cryptocurrency in terms of market capitalization. The cryptocurrency was proposed in a 2008 whitepaper written by a pseudonymous author or authors who called themselves Satoshi Nakamoto.
See Also: How To Buy Bitcoin (BTC)
The Coin: BTC allows for the peer-to-peer transfer of payments without the need for financial intermediaries. Bitcoin currently enjoys a market capitalization of $833.81 billion and a dominance of 42.7% among major cryptocurrencies.
On April 14, BTC touched an all-time high of $64,863.10 and at press time traded 35.68% below that level. Since the year began, BTC has returned 42.5% returns.
The Investment: On Dec.5, 2013, the People’s Bank of China, China’s financial regulators, and the country’s IT ministry issued a notice which decreed that Bitcoins were a “virtual good” and had no legal status and should not be used as a currency, reported BBC.
This was the first ban imposed by the Chinese authorities and on that day a single BTC traded at $1,045.11.
At press time, BTC traded 1.69% lower at $41,780.66 over 24 hours. For the week, the apex coin has fallen 0.59%.
If a person had invested $1,000 on the day China first banned BTC, they would have received 0.956 BTC, approximately.
The investment would be worth $39,941.68 at the prevalent prices of BTC at press time — a gain of nearly 3,897.73%.
China has since then issued numerous bans and warnings, with the latest coming last week.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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