If You Bought Bitcoin At $387 A Decade Ago, You Would Now Have More Than 2X The Average US Retirement Savings
By Benzinga
Bitcoin (CRYPTO: BTC) has been on a record-breaking run since Donald Trump was elected president earlier this month.
The leading cryptocurrency has been hitting new all-time highs practically every day, with the latest upswing pushing it beyond $94,000 for the first time.
Interestingly, the bullish run has made one Bitcoin worth more than the average retirement savings of Americans.
What happened: According to the Federal Reserve’s most recent Survey of Consumer Finances, the median retirement savings in the U.S. was estimated to be $86,900. This reflected an increase of 15% from 2019.
A separate study by Transamerica Center in 2023 revealed that millennials, those born between 1981 and 1996, saved only $49,000 in retirement funds, while Generation X, born between 1965 and 1980, saved $82,000.
In contrast, the value of Bitcoin has leapfrogged 23,853% in the last decade, rising from $387 in Nov. 2014 to $92,696 as of this writing.
So, if someone bought $1,000 in Bitcoin ten years ago, their investment would now be worth $239,524, more than twice the estimated retirement savings highlighted above.
Additionally, a report disclosed that the average U.S. adult estimates needing $1.46 million to retire “comfortably” in 2024, with Gen Z and Millennials needing more than $1.6 million.
If they invested around $10,000 of their wealth into Bitcoin 10 years ago, their stockpile would have been worth more than $2.39 million today.
Price Action: At the time of writing, Bitcoin was exchanging hands at $92,696, up 1.01% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Pixabay
