I’ve been following Bitcoin and other digital currencies for over 2 years now and as with anything that you pay close attention to, you end up understanding it on a level that the majority of people do not.
That is why I have decided to occasionally blog about it. Just an upfront disclaimer. Digital currency can be very volatile so never invest more than you can afford to lose.
So this last week Bitcoin has really been trending with the price reaching over $1,100 on Jan 4th! It has since done a correction and is now around $800
There is some uncertainty with the central Bank of China right now too that is effecting the price and most likely causing the price drop. There are still a lot of countries that are looking to the Bitcoin as a type of security and the general public are investing so I don’t think the price will continue to drop to much.
Right now the Winklevoss Twins have submitted a request to the SEC to create a Bitcoin exchange-traded fund (ETF). This could attract as much as $300m in new assets in its first week alone. The SEC has pushed off accepting or denying the fund until March 11th. It’s said that’s unlikely to be approved just because the SEC is uncertain about what it will look like to accept a publicly traded Bitcoin fund.
If last year was any indication of how digital currency will perform this year, I would strongly recommend holding some digital currency in 2017!
If you are interested in buying and holding some Bitcoin I recommend Coinbase. They have a great mobile wallet that works really well to buy and sell Bitcoin and Ethereum.
Leave me a comment and I’ll send you $1 to get you started 🙂