Before start This article please see the Part 1 link is Should you Invest in Bitcoin Now ?
Bitcoin prices surged over 350% in the last year which means if you would have bought the Bitcoins worth $1000 last Jan, you would be sitting on ~$3500 by now.
Pretty slick eh? not yet.
- In 2016, Bitcoin hit its highest at that time $20,000 which was the first Bitcoin mania and shot it to a popular investment choice but within months it hit a low of <$8,000 reducing wealth by half.
- 3 days ago, Tesla chief Elon Musk announced that his company has bought Bitcoins worth $1.5 B in the past few weeks pushing its prices to >$40,000.
Too much drama huh, but why?
Because it’s highly sentiment driven. It’s like an infant who would cry and smile both within a minute depending on how she is feeling.
Bitcoins are still in their infancy with very few mainstream companies accepting it as a currency however that is changing slowly and with TESLA as its endorser, it has certainly got a booster shot.
Last year, Facebook launched its cryptocurrency Libra but rolled it back as it didn’t get much traction.
The best thing would be to tread caution and understand its nature and technology that affect it before you invest your hard money.
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