Turning $10 to $90,000: Bitcoin Was the Best Investment of the Decade

Michael LaVere
  • 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.

Bitcoin was the best investment of the decade, according to a new report  by Bank of America Securities (via CNN Business). 

In the report, BoA outlined how $10 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.

Bitcoin's price performance so far this yearBitcoin's price over the past 12 months | Source: CryptoCompare

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.

Featured Image Credit: Photo via Pixabay.com

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

Featured Image Credit: Photo via Pixabay.com