In early 2011, the then-obscure cryptocurrency Bitcoin (CRYPTO:BTC) reached $1 per coin for the first time. It was a milestone celebrated by the few crypto-enthusiasts around back then. The rest of the world was either oblivious or left scratching their heads about what Bitcoin even was.
Everyone has heard of Bitcoin now. As of this writing, the price per coin is more than $57,000, representing a total market capitalization of almost $1.1 trillion, according to CoinMarketCap. Therefore, owning 100 bitcoins — a mere $100 investment in early 2011 — would be worth an eye-popping $5.7 million today.
Of course, this hypothetical windfall ignores a very important point — you probably couldn’t have invested $100 in Bitcoin back then. At least not as easily as you can today. Here’s why, why it matters, and what it might mean for the price of Bitcoin in the future.
Why it was hard to buy Bitcoin in 2011
Bitcoin was created in 2009. If you want to own bitcoins today, you can simply deposit money into an app like Coinbase, Square, or