TL; DR
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On October 12, 2009, Martti Malmi traded 5,050 BTC for $5.02, via a PayPal transaction.
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Since 2009, Bitcoin has risen by: 34,126,864
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If you are wondering how much Martti’s issued coins are worth at the current value of Bitcoin Market capitalizationthe number you are looking for is ~$171 million.
Full story
Wow. OK. We get it now.
Bitcoin maximalists are not exaggerating when they say that BTC is “the greatest investment opportunity of all time.”
We had never calculated this before today, but get this…
Since 2009, Bitcoin has risen by:
34,126,864
Not 34 million percent. 34 million TIMES.
That’s the crazy part…now here’s the weird part:
We can calculate this thanks to a Finnish software developer and a PayPal transaction he made on October 12 of the same year…
Confused? This is what happened:
As of October 2009, Bitcoin had never before traded for fiat dollars – and you can never be sure how much a “thing” is worth until the perceived price is confirmed with a purchase.
On October 12, 2009, Martti Malmi traded 5,050 BTC for $5.02, via a PayPal transaction.
Here’s our back of the napkin math on all of this:
$5.02/5,050 = $0.0009940594 per Bitcoin in 2009 (current price of BTC = $33,924.13).
$33,924.13/$0.0009940594 = an increase of 34,126,864X over the last 14 years.
Wild!
PS If you are wondering how much Martti’s issued coins are worth at the current value of Bitcoin Market capitalizationthe number you are looking for is ~$171 million.