President Joe Biden has been known as the gaff guy for many years and, discounting his most recent errors and odd statements, one of the biggest he made was proclaiming in 2020 that he neither has Bitcoin (BTC) nor that he will ever ask his supporters to donate any of the cryptocurrency to him.
The X post has, arguably, aged poorly, given both that the Biden campaign in 2024 is reportedly in talks to start accepting BTC and that any investor or trader who adopted the coin in 2020 could have made a fortune in the last four years.
Indeed, on July 16, 2020, when the post was made, the cryptocurrency was worth approximately $9,100 and Bitcoin price today, at press time, stands at $63,670.
This means that any investor who decided to spite Biden and purchase $1,000 worth of BTC four years ago would have had as much as $6,996.
Bitcoin price analysis
Though a sevenfold rise in the value of an investment over the course of four years does not appear particularly impressive, at least not when the general reputation of the crypto markets is considered, it is worth pointing out that Bitcoin has been going through a turbulent period in recent months.
BTC 30-day price chart. Source: Finbold
Indeed, near the end of June, several adverse events coincided, triggering significant selling pressure.
Within days, it was revealed that the German government is preparing to sell about 50,000 BTC that it seized in January, and the failed cryptocurrency exchange Mt. Gox announced it would begin repayments in early July.
While the latter is not inherently negative for Bitcoin or the crypto markets, the reentry of almost 100,000 BTC into the system and the chance that the creditors would quickly start selling en masse caused significant anxiety within the community.
Why a $1,000 BTC investment from 2020 could be worth even more by end of 2024
Nonetheless, the turbulent period has, by the time of publication, ended, and Bitcoin has been mostly trading upward in recent days quickly recovering from its lows below $54,000.
Additionally, not only has the recent trend been positive, opening the possibility for reclamation of yearly and all-time highs above $73,000, but several prominent experts and experts believe the coin is set to rise significantly more before the end of 2024.
Robert Kiyosaki, himself once skeptical of the coin but now a notable Bitcoin, gold, and silver bull and author of the best-selling personal finance book ‘Rich Dad Poor Dad’ predicted the cryptocurrency would be worth $300,000 by the end of the year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The post If you invested $1,000 in BTC when Joe Biden said ‘I don’t have Bitcoin’, you’d now have this much appeared first on Finbold.