Bitcoin is the flagship of cryptocurrencies. With Bitcoin reaching its all-time high combined with attractive future value predictions, it’s no surprise people want to invest. But the real questions is: when and how much? Although we can’t provide an exact answer, we can give you the information you need to.
Bitcoin’s Rise and All-Time High
“The bitcoin price set another all-time high yesterday, rising as far as $8,380 on bitcoin exchange Bitfinex after recovering from the post-Tether hack market volatility. The bitcoin price has since receded to $8,292, but this still represents a 24-hour gain of almost two percent. This provides bitcoin with a market cap of $138.4 billion, making it just larger than French “Supermajor” Oil and Gas Company Total S.A.” Josiah Wilmoth, Bitcoin Price Sets New All-Time High as Crypto Market Cap Nears $250 Billion.
Bitcoin has dramatically risen from $966 on January 1, 2017 to a high of over $8,200 on November 22, 2017. Everyday there is news fueling Bitcoin’s rise. This is caused by the increasing amount of prominent investors, billionaires, and fund managers who comment on Bitcoin. These knowledgeable individuals’ opinions generate public trust and interest.
All-Time High… For Now
“Billionaire and ex-fund manager Mike Novogratz has restated his belief that bitcoin will end the year at $10,000, adding that ethereum could close at $500.” Sujha Sundararajan, Mike Novogratz Doubles Down on $10,000 Bitcoin.
“Wall Street strategist Tom Lee raises bitcoin forecast, now predicts 40% increase.” Tae Kim, Wall Street Strategist Tom Lee raises bitcoin forecast, now predicts 40% rise.
As these predictions and comments become prominent headlines, more people are taking note and investing in cryptocurrencies. This only further fuels Bitcoin’s rise. While all of this is intriguing and compelling, investors should exercise with extreme caution.
Proceed with Caution
“As the price of the digital currency continues to smash through record highs, hitting $US8200 for the first time, a growing number of commentators are drawing comparisons to the dotcom bubble and even the Dutch tulip mania of the 17th century.” Frank Chung, ‘Every generation gets sucked in’: Bitcoin bubble worse than dotcom boom, price ‘should be $US100’.
“Finance chiefs say bitcoin is ‘real’ but many think it’s in a bubble right now.” Arjun Kharpal, Finance chiefs say bitcoin is ‘real’ but many think it’s in a bubble right now.
If you are considering investing in bitcoin or any other cryptocurrency: do your homework, proceed with caution, and prepare for volatility. Due to the risk of these types of investments, only invest what you can afford to lose.
Did you know? Here at UpSide Accounting, we accept Bitcoin! Contact us and we would be happy to talk more about Bitcoin or any other financial questions you may have.