If You Invested $1,000 In Bitcoin SV 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 SV’s Difficult Road: One cryptocurrency that has been a disappointing investment in the past year has been Bitcoin SV BSV/USD.

Bitcoin Cash BCH/USD has been an exceptional investment going all the way back to its launch in 2017. Bitcoin Cash split off from the original Bitcoin BTC/USD after Bitcoin miners and developers grew concerned about the ability of Bitcoin to scale.

Bitcoin Cash 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.

Bitcoin SV split from Bitcoin Cash in November 2018 and further expanded the cryptocurrency’s block size limit from 32 MB to 128 MB.

Bitcoin SV 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 SV was trading at just $97.08. When March kicked off, the cryptocurrency had risen to $212.32 as news of the virus spreading in China prompted concerns about a U.S. pandemic.

On March 13, 2020, Bitcoin SV plummeted to its pandemic low of $88.07 as global stock markets tanked. The good news for Bitcoin SV 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 SV was back up to $164.87.

Related Link: If You Invested $1,000 In Bitcoin Cash One Year Ago, Here's How Much You'd Have Now

Bitcoin SV In 2021, Beyond: On Jan. 19, 2021, influential Tesla Inc 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 SV.

Bitcoin SV ultimately hit an all-time high of $491.64 in April, but it was unable to carry that momentum into May when many other cryptos hit their 2021 peaks. Today, Bitcoin SV prices have pulled all the way back down to $141.73.

Bitcoin SV is one of the few top cryptos that hasn’t generated a positive return for investors over the past year. In fact, $1,000 in Bitcoin SV bought on July 6, 2020, would be worth about $929 today.

Looking ahead, it’s impossible to value cryptocurrencies like Bitcoin SV 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 SV has made for a decent speculative investment. But until the extreme volatility in the Bitcoin SV 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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyEducationMarketsGeneralBitcoinBitcoin CashBitcoin SV
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!