Bitcoin Returned to $1 on This Date 15 Years Ago, Proving Skeptics Wrong
TL;DR
Fifteen years ago, Bitcoin reached $1 for the first time, defying skeptics. On April 13, 2011, its price was around $0.92, before surpassing $1 the next day.
Key points
- Bitcoin reached $1 on April 14, 2011
- Price was around $0.92 to $0.93 on April 13, 2011
- Skeptics believed Bitcoin would not reach $1 again
History recounts that, about this time 15 years ago, Bitcoin proved skeptics wrong and increased to $1.
On April 13, 2011, the price of Bitcoin was approximately $0.92 to $0.93. February 2011 marked the first time Bitcoin reached parity with the U.S. dollar; its price fell in the following March, dropping to $0.80, with naysayers believing it would never reach $1 again.
On April 14, 2011, the value of Bitcoin increased to $0.99, and subsequently surpassed $1, stunning skeptics who had written off its chances of reaching dollar parity again.
Bitcoin Price Chart, Image By: CoinMarketCap
Bitcoin will later triple in the same month, closing April 2011 at a price of $3.44, rising 335.3% for the month.
In the year 2011, Bitcoin saw an historic rally, coming off of a year when it practically had no worth and went for a few cents. Bitcoin started in 2011 at $0.29 and ended at a closing price of $4.58. A major rally played out midyear when the Bitcoin price rose to a high of $26.15, a, 8,917% increase.
Bitcoin: From $0 to thousands of dollars
Bitcoin launched in 2009 and, in its first year, it did not have a market price and had no premine or any rounds of investment from big venture capital firms.
On October 12, 2009, a member of the BitcoinTalk forum reportedly traded 5,050 BTC at a value of $5.02 through PayPal, putting the Bitcoin price at $0.00099 per coin at the time and one of the lowest prices per BTC ever recorded. Several OTC purchases in the succeeding months followed this transaction.
Something changed in 2010 when it started to be traded for goods and services, which would set it on the path toward what is being seen today.
Bitcoin continued to evolve and now trades above $70,000, at a current price of $71,534. The largest cryptocurrency surpassed $126,000 last October to set an all-time high before retreating.
Q&A
What date did Bitcoin first reach $1?
Bitcoin first reached $1 on April 14, 2011.
What was the price of Bitcoin before it hit $1?
Before hitting $1, Bitcoin was priced at approximately $0.92 to $0.93 on April 13, 2011.
How did skeptics react to Bitcoin reaching $1?
Skeptics were stunned when Bitcoin surpassed $1, having previously doubted it would ever reach dollar parity again.
