Bitcoin Cash – United States Dollar (CRYPTO:$BCH), Bitcoin – United States Dollar (CRYPTO:$BTC) – If You Invested $1,000 In Bitcoin Cash One Year Ago, Here’s How Much You’d Have Now

Investors who have owned stocks in the past year have generally experienced some big gains. But there is no question some big-name cryptocurrencies have left the stock market in the dust.

Bitcoin Cash’s Big Run: One cryptocurrency that has been a great investment in the past year has been Bitcoin Cash (CRYPTO: BCH).

Bitcoin Cash has been an exceptional investment going all the way back to its launch in 2017. Bitcoin Cash split off from the original Bitcoin (CRYPTO: BTC) after Bitcoin miners and developers grew concerned about the ability of Bitcoin to scale. Bitcoin Cash has increased the maximum size of blocks on its blockchain to up to 32 megabytes compared to just 1MB for Bitcoin, allowing Bitcoin Cash to process transactions much faster than the original Bitcoin.

After Bitcoin Cash’s price spiked from under $591 following its hard fork from Bitcoin in 2017 to around $2,610 during the peak of the 2017 crypto bubble, Bitcoin Cash spent most of the next 2.5 years trading back under $400.

Bitcoin Cash prices started heading in the right direction in 2020 thanks to massive government stimulus spending to support the economy during the COVID-19 pandemic. Since the pandemic began, the government has spent more than $6 trillion, and investors concerned about the potential for hyperinflation have poured into cryptocurrencies as potential hedges.

At the beginning of 2020, Bitcoin Cash was trading at just $204.67. When March kicked off, the cryptocurrency had risen to $308.26 as news of the virus spreading in China prompted concerns about a U.S. pandemic.

On March 13, 2020, Bitcoin Cash plummeted to its pandemic low of $139.22 as global stock markets tanked. The good news for Bitcoin Cash investors is that the crypto bounced off that level as the stock market began to stabilize shortly thereafter and the government started printing money.

By Nov. 1, Bitcoin Cash was back up to $261.76.

Related Link: If You Invested $1,000 In Ethereum Classic One Year Ago, Here’s How Much You’d Have Now

Bitcoin Cash In 2021, Beyond: On Jan. 19, 2021, influential Tesla Inc (NASDAQ: TSLA) CEO Elon Musk added #Bitcoin to his Twitter bio and tweeted “In retrospect, it was inevitable.” Musk’s tweet sent the entire cryptocurrency market soaring, including Bitcoin Cash.

Bitcoin Cash ultimately hit a multi-year high of $1,635 in May, but it still hasn’t made it back to its 2017 peak. Today, Bitcoin Cash prices have pulled back significantly and the crypto is trading back down at $536.48.

Still, Bitcoin Cash investors who bought one year ago and held on have generated huge returns on their investments. In fact, $1,000 in Bitcoin Cash bought on June 29, 2020, would be worth about $2,322 today.

Looking ahead, it’s impossible to value cryptocurrencies like Bitcoin Cash because they produce no cash flow, pay no dividend or interest and are still used for only a tiny fraction of global financial transactions.

Up to this point, Bitcoin Cash has made for a decent speculative investment. But until the extreme volatility in the Bitcoin Cash market dies down, it will likely have a difficult time winning over investors looking for a safe, secure alternative to cash that won’t keep them up at night.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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