If You Bought $1,000 In Bitcoin When China Imposed First Ban In 2013, Here's How Much You'd Have Now
BCN.SOCIAL Blockchain News

Bitcoin (CRYPTO: BTC) is the largest cryptocurrency in terms of market capitalization. The cryptocurrency was proposed in a 2008 whitepaper written by a pseudonymous author or authors who called themselves Satoshi Nakamoto.

See Also: How To Buy Bitcoin (BTC)

The Coin: BTC allows for the peer-to-peer transfer of payments without the need for financial intermediaries. Bitcoin currently enjoys a market capitalization of $833.81 billion and a dominance of 42.7% among major cryptocurrencies.

On April 14, BTC touched an all-time high of $64,863.10 and at press time traded 35.68% below that level. Since the year began, BTC has returned 42.5% returns.

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The Investment: On Dec.5, 2013, the People’s Bank of China, China’s financial regulators, and the country’s IT ministry issued a notice which decreed that Bitcoins were a “virtual good” and had no legal status and should not be used as a currency, reported BBC.

See Also: As Bitcoin Crashed On ‘Ban’ News, Many Chinese And Institutional Investors Used The Opportunity To Fill Their Coffers

This was the first ban imposed by the Chinese authorities and on that day a single BTC traded at $1,045.11.

At press time, BTC traded 1.69% lower at $41,780.66 over 24 hours. For the week, the apex coin has fallen 0.59%.

If a person had invested $1,000 on the day China first banned BTC, they would have received 0.956 BTC, approximately.

The investment would be worth $39,941.68 at the prevalent prices of BTC at press time — a gain of nearly 3,897.73%.

By block head

Block Head is a blockchain journalist.