Turning $10 to $90,000:
- A new report by Bank of America calls bitcoin the best investment of the decade.
- One dollar invested in bitcoin at the beginning of 2019 would be worth $90,000 today.
A new report published by Bank of America Securities has outlined that $10 invested in bitcoin at the start of the decade would now be worth more than $90,000, eclipsing any other potential investment and make it the best investment of this decade.
The report notes bitcoin is still a volatile and speculative investment, but adds it gained traction with retailers and has been growing as a payment method. It has also been growing thanks to the number of exchanges that have launched bitcoin futures contracts, which now include The Intercontinental Exchange’s Bakkt.
Bank of America adds that Facebook and its proposed cryptocurrency Libra also contributed to the popularity and validation of both bitcoin and the cryptocurrency space in general, partly thanks to the attention they brought the space.
While bitcoin was deemed the best investment of the decade, Myanmar’s fiat currency, the kyat, was deemed the worst. One dollar invested in it at the start of the decade, Bank of America reported, would be worth fourth-tenths of one U.S. penny today.