A new report from Coingecko showcases the purchasing power of Bitcoin (BTC) from 2014 to 2021. In 2014, when 1 BTC was valued at $465.00, buying a car with Bitcoin was out of reach. However, in 2017, when 1 BTC was enough to purchase a new car, the 2017 Honda HR-V, the landscape began to change.
Fast forward to November 2021, and 1 BTC could have bought the 2021 Tesla Model Y, the most valuable purchase that could have been made with a single BTC at that time. The Model Y was priced at $62,190.00, while BTC reached its all-time high of $67,617.02.
Looking at other industries, the report reveals that in 2015, when Bitcoin hit its highest price of the year at $465.00, 1 BTC would have been enough to buy 3.5 shares of Netflix. At the time, Bitcoin miners had limited options, as 1 BTC would only cover the cost of a single Bitmain Antminer S5, priced at $370.00, due to the more efficient but pricier Antminer S7 costing $2,000.00.
For those interested in travel, 1 BTC would have covered the expenses of staying in an Airbnb private room for five nights. Additionally, during the notable Bitcoin price highs in 2017 and 2018, investors could have used 1 BTC to acquire at least 300 shares of tech giant Apple, which saw significant financial success during that time.
In terms of cryptocurrency exchange rates, 1 BTC could have been traded for over 12 ETH or 1 million Dogecoin. Alternatively, those seeking luxury could have indulged in a 13-night stay at the three-bedroom penthouse of the Las Vegas Trump International Hotel using 1 BTC as payment.
Currently, BTC is trading at $26,646.14. Although the buying power of Bitcoin has significantly increased over the years, it remains a volatile asset with fluctuating value.
Sources:
– Coingecko