In 2017, as Federal Reserve Chairwoman Janet Yellen testified to the Congress on the state of the U.S. economy and fielded questions from the House Financial Services Committee members, a "Buy Bitcoin" sign was raised in the background. In this article, we will calculate how much was this advice really worth.
What Happened: The "Buy Bitcoin" sign was raised during Yellen's July 12, 2017, congressional hearing, according to a report by CoinDesk. At the time, Bitcoin was trading at about $2,400 after losing what was its all-time high of nearly $3,000 in the first half of June 2017.
See Also: IS BITCOIN A GOOD INVESTMENT?
At the time of writing, Bitcoin is trading at over $38,700, which means that whoever bought their Bitcoin when seeing that sign and held onto it until now would be sitting on over 1500% of profit. So, if someone had invested $100 at the time, they would have well over $1,500 today.
BTC Price Action: At the time of writing, Bitcoin is trading at about $38,700 after having seen its price fall by about 1.15% over the last 24 hours.
Photo: Courtesy of Federalreserve via Flickr
