For a hi-res version of the chart, go HERE.
Notice how recovery times varied but the stock market always eventually recovered to make new price highs.
In the cryptospace, bitcoin has shown far superior price acceleration. In fact, if you pretended each year in the Dow chart was just a day, the price rise would somewhat resemble the price rise in bitcoin. Still, bitcoin achieved greater gains in price than the Dow in 1/15 the time.
It took the Dow 120 years to rise 600-fold. It took bitcoin just 8 years to rise 1,000,000-fold! Is the power of exponentially growing, decentralizing technologies not absolutely astounding!?
The log chart below shows the steep ascent of bitcoin from 2012-2017. Prior to 2012, the ascent was roughly as sharp. The price of bitcoin in 2009 averaged $0.001 so its $5 price in 2012 represents a 5000-fold move from 2009-2012.
Since 2012, bitcoin has risen another 1000-fold as it breaks through $5000.
It won't be long before bitcoin reaches $100,000, or a 20-fold gain from $5000, as its network effect continues to dominate. It has a limited supply, is fungible, divisible, counterfeit proof, decay proof, easily transferrable, and not controlled by an authority.
Banking the Unbanked
It should therefore maintain pole position as a store of value and value exchange mechanism, especially to the world's unbanked. Many abroad can now send funds back to their relatives in second and third world countries without getting price gouged by the likes of costly remittance services such as Western Union. Banking the world's unbanked has been one of the many noble features of bitcoin.
About Dr. Chris Kacher
- Appearances on major television, radio, and print programs https://www.virtueofselfishinvesting.com/news
- Bestselling author of "How We Made 18,000% in the Stock Market"
- Co-founder of Creative Group Trading Inc., a pro bono cryptocurrency platform with proceeds going to various cutting edge technologies aimed at space exploration, environmental protection & remediation, and AI/VR enhanced education
- Co-founder of http://www.virtueofselfishinvesting.com
- Helped to discover element 110 on the Periodic Table of Elements as well as confirm the discovery of element 106 which his team named Seaborgium after his UC Berkeley Ph.D. thesis advisor Professor Glenn Seaborg
- His music has charted on the iTunes music charts twice
- http://en.wikipedia.org/wiki/Chris_Kacher