Brent Carrier

Brent Carrier’s Investing Tips – Bitcoin

May 26, 2017, by admin, category Articles, Investing, Tips

There is a story (or even a myth), that a guy bought a pizza with a nonexistent value (at the time). The story is from seven years ago, when the bitcoin worth a quarter-of-a-cent. The story says is about the first transaction with a cryptocurrency, and that the guy used 10000 bitcoins in the entire transaction. Today, almost seven years later, the value of this “BIT-coin” has multiplied… a lot. This week the bitcoin surpassed the value of $2,000 per bitcoin. Namely on Monday morning the currency topped $2,200. Later this week it was reportedly topping at $2600 (and even $2700, once Japan and South Korean markets opened)…

 

Earlier this year, the value of a single bitcoin was around $1,000, but since then it slowly started growing. Bitcoin first broke the $1,000 mark in 2013, but it was soon followed by a drop in value due to a combination of factors. Since 2010, bitcoin has been the top-performing currency, except for 2014, as already mentioned. At the end of last year, the new regulation in China returned bitcoin to the $1,000 mark again. Since then it has continued to grow in worth. Now, the world’s most popular cryptocurrency is worth over $2,000 per coin, and the total number of coins in circulation is $32.92 billion.

The political uncertainty and increased interest in Asia have helped elevate the level of interest in bitcoin. The “legalization” of the bitcoin in Japan, and the rising demand in China due to the weakness of the local currency, also helped the bitcoin climb to a higher value. The unpredictable currency market prompted people to buy bitcoins, and since April, its value seems unstoppable. Some investors see bitcoin as sort of a safe haven asset in the middle of this geopolitical turbulence in both Europe and the United States. Despite everything, the debate on the future of bitcoin continues. For example, even though Japan legalized the bitcoin stock exchange, Russia still remains one of its strongest opponents. In the United States, people hope that bitcoin will get a second chance.

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