Despite the fact that this digital currency has been around for a long time, its value has increased by over 370 percent in the last few months. Indeed, prior to Tesla’s interest in Bitcoin, Musk has been credited with driving up the cost of digital currencies by expressing his support on the Internet.
Bitcoin may appear to be a tempting investment due to its rapid rise in value. Is this, however, the ideal time to make a purchase?
When considering any type of speculation, it’s critical to think beyond the dollar signs and consider the risk involved.
Bitcoin is a highly volatile investment that is not for the faint of heart. While it has been on an incredible upward trend in recent months, no one knows how long that will continue.
Cryptographic money has experienced wild value swings in the past, losing up to 80% of its value in some cases.
Bitcoin, for example, jumped from around $1,000 to more than $17,000 between 2017 and 2019, before plunging back to around $3,000.
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