Research Summary
This report explores the purchasing power of Bitcoin (BTC) at its yearly peak prices from 2015 to 2023. It highlights the most valuable items that could have been bought with 1 BTC each year, such as a Tesla Model Y in 2021. The report also discusses the evolution of Bitcoin’s purchasing power, its acceptance as a means of payment, and the maximum purchasing power of 1 BTC each year.
Key Takeaways
Bitcoin’s Purchasing Power Over the Years
- 2015: At its peak price of $465, 1 BTC could have bought 3.5 Netflix shares or covered the cost of five nights in an Airbnb private room.
- 2016: With Bitcoin’s peak price at $977.14, 1 BTC could have purchased a meal at the Ithaa Undersea Restaurant or 47 Ethereum (ETH).
- 2017/2018: At Bitcoin’s all-year highs of $19,655.39 in 2017 and $18,343.00 in 2018, 1 BTC could have bought at least 300 Apple shares or covered a 13-night stay at the Las Vegas Trump International Hotel.
Bitcoin’s Purchasing Power in Recent Years
- 2019: Despite a decline to $12,996.00, 1 BTC could have paid for a 69-year Netflix premium subscription or purchased 334 Binance Coins (BNB).
- 2020: At an all-year high price of $28,837.29, 1 BTC could have paid for one of the most expensive flights or bought 196 shares of Nvidia.
- 2021: Bitcoin reached its ATH value of $67,617.02, and 1 BTC could have bought the newly-released 2021 Tesla Model Y.
Bitcoin’s Purchasing Power in the Near Future
- 2022: Bitcoin recorded a lower all-year high than the previous year, at $47,816.08. However, 1 BTC could still have bought three of the most powerful Bitcoin mining machines available.
- 2023: In July 2023, Bitcoin reached its highest value for the year so far, at $31,446.01. At this price, 1 BTC could have purchased 62.6 Nvidia shares or covered the Etihad Airways long-distance flight experience from New York City to Abu Dhabi.
Actionable Insights
- Investigate the Potential of Bitcoin: Given the fluctuating purchasing power of Bitcoin, it may be worth exploring the potential of this cryptocurrency as a long-term investment.
- Consider the Impact of Bitcoin’s Acceptance: As more companies and countries accept Bitcoin as a payment method, its purchasing power and influence are likely to increase.
- Monitor Bitcoin’s Value: Keeping an eye on Bitcoin’s value can provide insights into potential purchasing opportunities and the overall health of the cryptocurrency market.
