Coinbase CEO Recalls When You Could Buy 1,309 Bitcoins for $1

Coinbase CEO Brian Armstrong has recalled that one could buy 1,309 BTC for exactly $1 roughly 16 years ago.

“The people crazy enough to think they can change the world are the ones who do,” Armstrong said.

Bitcoin’s earliest price was purely theoretical since it was calculated by a developer named NewLibertyStandard based on the cost of electricity that was required for mining a single token.

The formula used by the developer included the average annual electricity consumption of a high-end CPU computer, the average residential electricity cost in the US, as well as the number of coins generated by the computer in a month.

The valuation was a reference point for the community when Bitcoin still had no market price. In fact, the very first real-world transaction involving the original cryptocurrency took place only the next year.

Bitcoin to $1 million

As reported by U.Today, Armstrong is now predicting that the leading cryptocurrency could reach $1 million by the end of the decade. He has cited growing regulatory clarity as one of the key reasons behind his bullishness.