Bitcoin enthusiasts have enjoyed a highly profitable journey with the cryptocurrency, as statistics show that investing in Bitcoin has been profitable for 99.92% of all days since its inception in 2009. This means that there have only been six days in its entire history when investing in Bitcoin did not yield profits.
Recently, Bitcoin reached an all-time high price of $73,600 in mid-March, resulting in significant appreciation for BTC holders across various price points. Since then, Bitcoin has maintained a price range of approximately $68,000 to $70,000, according to data from Cointelegraph Markets Pro and TradingView.
Despite the price volatility that has caused fluctuations in Bitcoin’s value, only a small number of Bitcoin holders have ended up with unprofitable investments. Crypto financial services firm Blockchain.com reveals that Bitcoin purchased between March 9-13 and March 25-29 is currently at a loss. In other words, out of the last 3,732 tradable days, only 0.16% or six days did not result in profitable investments.
Taking a broader perspective, the price chart highlights the importance of holding Bitcoin during bear markets. CoinMarketCap estimates that 86.28% of Bitcoin wallets hold up to $1,000, 13.03% hold between $1,000 and $10,000, and 0.69% hold $100,000 in Bitcoin.
Furthermore, Bitcoin’s ability to bounce back from bear markets and maintain its price allows the mining community to thrive. This contributes to the hash rate and inadvertently enhances the security of the Bitcoin network.
As the upcoming Bitcoin Halving event approaches, both institutions and private investors are accumulating BTC in anticipation of a price surge. The fourth Bitcoin halving is scheduled to occur at block height 840,000 on April 20, 2024.
In light of the halving, the mining community is strategizing ways to remain profitable despite the reduction in rewards to 3.125 BTC. Canadian Bitcoin mining firm Bitfarms has committed nearly $240 million to upgrade its mining equipment. Bitfarms CFO Jeffrey Lucas explained the rationale behind this fleet upgrade.
Overall, Bitcoiners have enjoyed a highly profitable journey with the cryptocurrency, with only a handful of days resulting in unprofitable investments. The resilience of Bitcoin during bear markets and its potential for growth continue to attract investors and mining communities alike.