In 2011, it was discovered on Reddit that there was a debate about Bitcoin’s $ 3 price not being sustainable.
On Reddit, it turned out that a Bitcon share made in 2011 stated that the $ 3 price was not sustainable for BTC.
In the post shared by the famous cryptocurrency portfolio management application Blockfolio, it is stated that the price of 3 dollars is higher due to the mining costs of BTC.
In the 9 years that have passed since then, the BTC price has increased by approximately 3,866 times and increased from $ 3 to $ 11,750 (today’s price).
The basis of this debate, which took place 9 years ago, is the comparison of BTC and cryptocurrencies with traditional markets. A Reddit user who commented on the issue at that time and used a pseudonym stated that those who do Bitcoin mining earn close to 100 percent per month, and even small-scale miners using commercial electricity make up to 20 percent per year.
The user stated in his comment that the 20 percent profit in the “real world” is really good, and the profits of 100 percent and above are not sustainable:
“Looking at some Bitcoin mining calculators, the 100 percent return on capital you can achieve at the top seems somewhat unsustainable. Also, even if you get free electricity, then you will earn about 10-20 percent annual return on capital invested in mining equipment, which is not bad.
The starting point of this discussion, which was held about 2 years after the first period of Bitcoin, was that the new assets that emerged at that time could show parabolic rises. Bitcoin, which can reach from 3 dollars to 11 thousand 750, also showed unexpected serious developments in terms of infrastructure.
JP Morgan, one of the largest banks in the world, started accepting cryptocurrency exchanges as customers, while CME, one of the largest futures markets globally, made Bitcoin transactions easier for institutional investors.
Grayscale, a cryptocurrency investment firm, manages more than $ 6.1 billion worth of assets with the Grayscale Bitcoin Trust.
On the other hand, the Bitcoin mining industry has grown beyond the reach of individuals and has become a billion dollar industry. Giant companies like Bitmain and Canaan range in value from $ 300 million to $ 4 million.
Is Bitcoin still in its early stage?
Many industry experts say that despite the $ 11,000 price of Bitcoin, it may be at an early stage. Dollar billionaire investor and Gemini founder Tyler Winklevoss commented, “The gold supply is unlimited in our galaxy, but the Bitcoin supply will always remain constant. There will be no comparison between these assets in the long run. The future gold will be Bitcoin… Gold will turn into today’s sand. ” had made his comment.