TL;DR
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On October 12th 2009, Martti Malmi traded 5,050 BTC for $5.02, via a PayPal transaction.
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Since 2009, Bitcoin has increased by: 34,126,864 X.
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If you were wondering how much Martti’s spent coins are worth at Bitcoin’s current market cap, the number you’re looking for is ~$171M.
Full Story
Wow. Ok. We get it now.
Bitcoin maximalists aren’t exaggerating when they say BTC is ‘the greatest investment opportunity of all time.’
We’d never done the math on this before today – but, get this….
Since 2009, Bitcoin has increased by:
34,126,864 X.
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 12th of the same year…
Confused? Here’s what happened:
Back in October of 2009, Bitcoin had never been traded for fiat dollars before – and you never know for sure how much a ‘thing’ is worth, until its perceived price has been confirmed with a purchase.
On October 12th 2009, Martti Malmi traded 5,050 BTC for $5.02, via a PayPal transaction.
Here’s our back of the napkin math on it all:
$5.02/5,050 = $0.0009940594 per Bitcoin in 2009 (BTC’s current price = $33,924.13).
$33,924.13/$0.0009940594 = a 34,126,864 X increase over the past 14 years.
Wild!
P.S. If you were wondering how much Martti’s spent coins are worth at Bitcoin’s current market cap, the number you’re looking for is ~$171M.
