If You Invested $1,000 In Bitcoin When Silk Road Was Shut Down, Here's How Much You'd Have Today
Portfolio Pulse from Chris Katje
The article discusses the rise in Bitcoin's value since the shutdown of Silk Road, an underground marketplace that used Bitcoin as a primary payment method. It states that a $1,000 investment in Bitcoin on Oct. 2, 2013, would be worth $233,350.01 today, a return of 23,235.0%. In comparison, a $1,000 investment in the SPDR S&P 500 ETF Trust (NYSE:SPY) would be worth $3,091 today, a return of 209%.
June 29, 2023 | 8:28 pm
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Bitcoin's value has significantly increased since the shutdown of Silk Road in 2013. A $1,000 investment then would be worth $233,350.01 today.
The shutdown of Silk Road, a major use case for Bitcoin, initially led to a drop in Bitcoin's price. However, those who saw this as a temporary setback and invested in Bitcoin have seen significant returns.
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IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
A $1,000 investment in the SPDR S&P 500 ETF Trust (NYSE:SPY) on Oct. 2, 2013, would be worth $3,091 today, a return of 209%.
The SPDR S&P 500 ETF Trust (NYSE:SPY) has also seen a return since Oct. 2, 2013, but not as significant as Bitcoin. This shows that while Bitcoin has been written off many times, it has been able to increase value over time.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50