Turning $10 to $90,000: Bitcoin Was the Best Investment of the Decade
In the report, BoA outlined how $1 invested at the start of the decade would be worth more than $90,000 today, far eclipsing any other investment on the market. While bitcoin’s price has fallen into decline over the last week, dropping below $7,000, BTC was worth fractions of a penny at the start of the decade.
While bitcoin continues to remain a volatile and speculative investment, the cryptocurrency has gained traction with retailers as a growing form of payment. In addition, the report noted the number of investment firms and exchanges that have launched trading for bitcoin futures, such as the highly-anticipated Bakkt making its start in September.
Facebook has also contributed to the popularity and validation of bitcoin and other cryptos, bringing greater attention to the use of digital currencies with its Libra cryptocurrency initiative.
While bitcoin topped the report as the best investment of the decade, investing in Myanmar’s fiat currency the kyat turned out to be the worst. According to BoA, one dollar in kyat at the beginning of the decade would be worth four-tenths of one U.S. penny today.