How much is 1 bitcoin worth now?
Bitcoin (BTC) is an electronic user payment system similar to digital wallets and bank accounts. The main unit for payments on the network is Bitcoin. Digital coins, unlike traditional cash, are not tied to the economy of any country or to the central bank. All activities such as issuing new money, processing payments, and creating accounts are carried out by users.
The first developments of the system appeared in 2008 from the creator Satoshi Nakato and developer Hel Finney, and on January 3, 2009 the official launch of the system took place. Bitcoin became a protest against traditional money and the tying of finance to one country. The idea of independent money was supported by a narrow community, but as the number of users and the value of BTC USD grew, the system began to gain popularity.
The cost of the first cryptocurrency today is $57.9 thousand. Below you can see the Bitcoin rate on the online chart.
BTCUSD chart from TradingView
On Monday, May 3, the Bitcoin rate on the Binance crypto exchange updated its two-week high above $58.9 thousand. Over the past 24 hours, the cryptocurrency has risen in price by 5%. Its price has been growing since April 25, when it immediately fell to $46.9 thousand.
Previously, the Japanese game developer, the public company Nexon, bought $100 million worth of bitcoins. At the same time, the Hong Kong technology company Meitu announced that it had increased its investments in cryptocurrency to $100 million.
At the end of March, Elon Musk's Tesla sold $272 million worth of bitcoins, a profit of $101 million. The automaker's chief financial officer, Zach Kirkhorn, emphasized that the company believes in the value of bitcoin in the long term and intends to maintain current assets in the cryptocurrency, as well as continue to accumulate coins received as payments for cars.
MicroStrategy remains the largest holder of Bitcoin among public companies. According to Bitcoin Treasuries, it owns 91.5 thousand BTC for a total amount of over $5.3 billion. In the financial report for the first quarter of 2022, the company allowed the sale and purchase of cryptocurrency.
The constant dynamics of supply and demand for Bitcoin leads to natural fluctuations in quotes. This creates great earning potential.
You can buy and sell Bitcoin through special cryptocurrency exchanges. For targeted trading and earning money, it is better to use a broker and proven trading platforms.
From $20,000 to $100,000. How much will Bitcoin cost in 2022?
There are at least 5 reasons that speak in favor of the rise in price of cryptocurrency, for example, halving, crisis and dollar problems. Experts told us how likely it is that the price of BTC will rise and below what level it will no longer be possible to buy it
2020 brought significant profits to many Bitcoin holders. Since January, the coin has risen in price by 45%. And if you compare it with March, when the price of BTC fell to $3800 - by 176%. Perhaps next year will be even more successful for investors. Well-known industry representatives expect that the rate of the first cryptocurrency will continue to grow.
For example, cryptocurrency blogger Ivan Liljequist (Ivan on Tech) is confident that Bitcoin will rise to $40,000 by the end of 2022. If this happens, the price increase from current levels will be more than 200%. Anthony Pompliano, co-founder of the investment company Morgan Creek Digital, expressed even more optimism in April. According to his forecasts, the BTC rate will rise to at least $100,000 within a year and a half. There are several reasons for this.
Pompliano named the last halving as the first of them. In May, the reward for mining cryptocurrency was reduced. If the demand for it remains unchanged, this should lead to an increase in price due to the decrease in supply. Another reason is macroeconomic in nature. The current crisis has forced states to pursue quantitative easing policies. As a result, the money supply increases, which leads to the depreciation of national currencies. Bitcoin wins against this background; its emission is limited, which makes the asset protected from inflation.
The Winklevoss brothers adhere to a similar position; they allowed the price of Bitcoin to rise to $500,000, but without specifying a time frame. The first crypto billionaires believe that gold, the dollar and oil are losing their positions. Security assets have a number of problems against which the value of the digital coin should soar.
For example, the dollar is inferior to cryptocurrency due to the fact that its emission can be uncontrollably increased by the US Federal Reserve System (FRS) at any time, Winklevoss is sure. This has already led to the weakening of the US currency. Since May, the DXY index, which shows the strength of the dollar against a basket of national currencies, has fallen from 100 to 94 points, immediately dropping to 92.1 points. Gold also has disadvantages - it is extremely difficult to transport due to its weight and security requirements, and the supply, although limited, is not fixed.
Of all three scenarios, only the Winklevoss brothers’ forecast seems reasonable, commented EXANTE co-founder Anatoly Knyazev. Although this option is not worth considering, expectations for the price of BTC to rise to $500,000 seem “cosmically insane.” Nevertheless, cryptocurrency can actually rise in price several times.
“The story of BTC rising several times in price is quite real. The number of BTC users doubles approximately once a year, and the lower realistic price bar also increases. In the winter of 2018-2019, BTC was worth just above $3,000, a year later during a similar shorter decline - $7,000. This winter, BTC is unlikely to be cheaper than $12,000-$14,000, and in another year the lower limit may well rise twice as high,” Knyazev suggested.
He even admitted the possibility of the BTC price rising to $100,000. But such a development of events is possible, according to him, only if the hype around cryptocurrencies is repeated, as was the case in 2013 and 2017, a year after the halving. In theory, 2022 could also be another bubble year.
Knyazev believes that the increase in the value of Bitcoin may have several key drivers. For example, the growth in the number of users, which is already happening exponentially, as it once was with social networks. Also, the rise in price of BTC may be helped by the arrival of institutional capital on the market, partly due to a decrease in faith in the dollar. Another factor is government acceptance of cryptocurrency as a commodity.
Separately, Knyazev highlighted halving as a factor in a possible increase in the price of BTC. This event has already made it almost impossible for the price to fall below $8,000 for a long time. Also, halving will lead to a sharp drop in the supply of coins by miners and an increase in demand from those who have not yet entered the market. Most importantly, the reduction in the reward for mining cryptocurrency has instilled in some investors the belief that the hype of past years will soon repeat; faith in growth can be a driver for a rise in quotes.
Lead trader at United Traders Alexey Markov agreed that Bitcoin is expected to grow next year. However, predicting the price and specific time frames is almost impossible in the current environment. Moreover, if we talk about this year, it is not a fact that the BTC rate will be able to reach $15,000-16,000.
“A new spiral of sharp movements will begin after the highs are broken. So let’s be patient and hold bitcoins,” Markov concluded.
Leading analyst at 8848 Invest Viktor Pershikov also looks positively at the future of Bitcoin. Next year, he expects a gradual increase in BTC prices with targets of $17,000-19,000, not excluding the renewal of historical highs. However, more significant growth is unlikely, and one of the reasons for this is competition from altcoins.
Pershikov explained that there are now many tokens and coins that could show more significant growth than BTC next year. For example, Ethereum thanks to the transition to the second version of the network. Or the Binance exchange token (BNB), which actively integrates DeFi solutions. Also, the tokens of the DeFi sector themselves, which are popular among users of “yield farming,” can bring significant income.
“Despite BTC maintaining its leadership in the crypto market ranking, despite its capitalization, which exceeds other coins and tokens, Bitcoin as an obvious leader in terms of multiple growth looks rather ambiguous. In my opinion, in subsequent years its growth will be more a consequence of the growing popularity of the blockchain industry and the crypto industry, rather than its cause,” says Pershikov.
Official representative of the Garantex exchange Tatyana Maksimenko added that the Bitcoin rate really has a chance to update its historical maximum. This is facilitated by the macroeconomic situation, uncertainty in financial markets, and a possible tightening of the trade war between the United States and China. But we must take into account that there is a risk of another fall in commodity markets, and if it happens, the price of cryptocurrencies may show similar dynamics.
“I admit that the BTC rate may fall to $6,000, but it is unlikely to fall below this level. But then, as we have seen repeatedly this year, and in previous years, Bitcoin will return to growth, and, pushing off from the bottom, will be able to reach new peak values,” Maksimenko said.
She clarified that one of the drivers of growth could be the May halving, the effect of which will probably be fully manifested by the fall of 2022. Then the price of Bitcoin will be able to rise to new historical highs. If the $20,000 record is broken, subsequent growth will likely be exponential. Perhaps the rate will reach $35,000. But then a correction is likely rather than continuing the movement to $50,000.
On September 21, the head of the Galaxy Digital investment fund, Mike Novogratz, called for buying the first cryptocurrency. He believes that at current prices it makes sense to invest in Bitcoin while it is in its early stages of adoption.
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You will find more news about cryptocurrencies in our telegram channel RBC-Crypto.
What is happening to the Bitcoin rate now?
The exact exchange rate of the ruble to the American dollar can be found on any specialized website. During the day after the official announcement, it will remain unchanged, which cannot be said about the Bitcoin to fiat currency rate.
The rate of the first cryptocurrency is formed under the influence of supply and demand. It is impossible to say how much Bitcoin costs right now. We can only say the weighted average value of the cryptocurrency. The higher the demand, the higher the price rises. All changes for the day are updated online.
Below is a chart of the Bitcoin exchange rate against the dollar for the month from 04/03/2021 to 05/05/2021:
The online Bitcoin exchange rate chart now contains information about the price for each day.
Bitcoin price exceeded $30 thousand for the first time
Photo source from the collage: RIA Novosti / Alexey Vitvitsky.
On January 2, 2022, the Bitcoin rate exceeded $30 thousand for the first time. The value of the cryptocurrency quadrupled during 2022. Last December, the price of Bitcoin increased by 50%.
Bitcoin rate according to CoinDesk at 15.30 Moscow time.
At 17.00, the rate was $31,469. At 8.00 Moscow time on January 3, the rate was already $33,675. At the beginning of 2022, Bitcoin cost $7,000. On March 17, it dropped to $5,000. Then, until mid-October, the Bitcoin rate grew gradually with slight declines. On October 16, the level of $11.5 thousand was reached.
At the end of last year, the leading cryptocurrency began to experience intensive growth. This was due to the influx of a large number of both new investors and the emergence of additional interest in trading from institutional investors, including Skybridge Capital (spent $25 million in December to purchase cryptocurrency), MassMutual ($100 million in December) and Guggenheim Investments (the fund has already spent to buy Bitcoin up to 10% of your $5 billion). Moreover, investment director of Guggenheim Investments Scott Minerd believes that Bitcoin is “extremely undervalued” at current price levels, as it should cost about $400 thousand. Other experts predict that the rate could quickly reach $100 thousand, with a maximum ceiling in the new year of $300 thousand
Some experts believe that in 2022 the Bitcoin exchange rate is expected to adjust. This will happen if the world economy begins to recover. Binance CEO Changpeng Zhao has a different opinion. He told CoinDesk that most investors expect Bitcoin to continue to rise in 2022. According to Zhao, the long-term economic consequences of the pandemic are unknown, the world is still in the midst of serious economic turmoil and historical instability, so Bitcoin and other cryptocurrencies will continue to grow.
Bitcoin's current market capitalization is about $550 billion, which is larger than Visa's. For one of the world's largest payment systems, this parameter is about $485 billion.
According to CoinDesk, the Bitcoin rate above $29 thousand in the period December 31-January 1 was the expected situation in the market. As the end of the year approaches, some investment fund managers have decided to buy more cryptocurrency so that next year they can boast that they are smart enough to enter 2022 with a strong portfolio. On Wall Street this is called window dressing. For example, Hong Kong-based GreenPro Capital decided to spend $100 million on cryptocurrency at the end of the year.
CoinDesk explained that the US Federal Reserve, along with central banks in other countries, is now continuing the process of printing large amounts of money in an attempt to prevent the worst economic consequences of the pandemic. Such actions are seen by many investors as potential catalysts for inflation, which is why many funds, companies, traders and retail investors are investing in Bitcoin to preserve or increase their capital.
2020 has gone down in cryptocurrency history as Bitcoin's maturing period as a macro asset. This year, prominent public companies like MicroStrategy have diversified their cash reserves into cryptocurrency. JPMorgan analysts fear that rising interest in Bitcoin in 2021 could even push down the price of gold.
In 2022, in addition to Bitcoin, another cryptocurrency showed significant growth - Ether. The price of gold has changed little over the year compared to the two cryptocurrencies.
On December 16 last year, the price of Bitcoin exceeded $20 thousand for the first time.
On December 26, 2022, the Bitcoin rate exceeded $25 thousand for the first time.
Post update:
On January 6, 2022, the Bitcoin rate exceeded $35 thousand for the first time.
BTC to RUB. What is the current rate?
Below is a chart of the dynamics of BTC to RUB for the month from May 02, 2022 to May 09, 2022:
Short-term changes in the price of BTC to fiat currencies occur constantly. To predict the possible rise or fall of a currency, it is not enough to know the current exchange rate. We recommend viewing data on quotes for previous periods. They are contained in charts for the week, month, quarter and year.
