Bitcoin price managed to rise above the $5,000 mark in trading today, fulfilling the expectations and predictions of a number of Bitcoin faithful. However, it has also led to widespread concerns that a bubble is forming that will eventually crater the portfolios of many investors.
The massive rise is difficult to grasp, without considering what the value of what an investment would be had it been purchased last year.
Consider an average investor who purchased $100 of Bitcoin in September 2016 when Bitcoin was selling for $572. Had they managed to hold the currency through all the ups and downs of the last year, they would be sitting on $850 with today’s $5,000 price point.
This fantastic level of value growth in a short time has led to wide speculation that Bitcoin is in a bubble. Consider Bloomberg’s analysis via Twitter:
Bitcoin's epic rise leaves the late-90s tech bubble in the dust https://t.co/coMST3X6cD pic.twitter.com/KnluNTmhjG
Bloomberg (@business) August 29, 2017
Full story at http://bit.ly/2ww0cNr
Source: CoinTelegraph
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all markets have bubbles, this is like the .com in the 90s, you never know wich cryptos will be left standing but those that do will be a good investment.
Never risk money you can't afford to lose
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I hope to see you write a post on September 2nd next year, about someone who bought bitcoin for $100 today September 2nd 2017.
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Very interesting! My English is not perfect and my knowledge about finances much worse. I just started in Steemit two weeks ago not knowing anything about bitcoins... In my wallet I have around 40 Steems, I think. As far as I have understood your post, if I wait till I have 100 Steems I should change them into bitcoins and wait till I know I can get more tan 100$, I mean, it can go up again... :)
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I believe bitcoin will keep going up - with the dips we are sure to see a significant rise by the end of this year and it will keep going up @sydesjokes
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Disclaimer: I am just a bot trying to be helpful.
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My guess is they are trying to scare people off of crypto with this analysis. I just read a new one about China pulling out more from the USD peg. The less people using usd the worse off the us economy gets. It's the churn that keeps it going. Fascinating times for this old accountant :)
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Upvote - I think this a great example of how getting in the game for a low amount can profit you. I buy 20-50.00 a week, whatever I can afford....follow @lurehound ...........
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