$40k may be on the horizon for next year, but Bitcoin investors still need to act with caution

in #blockchain6 years ago

Crypto enthusiasts couldn’t contain their excitement when their favorite virtual currency reached, and passed, the $10k mark. This is just another record-breaking highlight in Bitcoin’s phenomenal year, which saw the price of the currency increase by over 900%.

From it’s humble beginnings at just $1k at the start of 2017, it continues to grow, even exceeding the $11k mark at times. This level of growth is a temptation that investors around the world cannot ignore. Google Trend shows that the term ‘buy bitcoin with credit card’ has become increasingly popular on the search engine. In fact, on an interest scale of 1 to 100, the term is nearing the end mark.

On the 26th of November, as Bitcoin was within touching distance of $10k, popular trading platform Coinbase, had a total of 13.3 million users. Just two months ago, they had 10.6 million.

Bitcoin fans are optimistic that this is only the beginning. Hedge fund superstar, Mike Novogratz, firmly believes that the currency will reach $40k at the end of next year.

However, don’t put all of your money in one Bitcoin basket just yet. Novogratz went on to say that smaller investors should put between 1% and 3% into the currency, while high net worth investors can go as high as between 5% and 10%.

Even though these investors are eager, willing and ready, they could be in for a bit of a letdown according to Hesham Rehman, CEO and Co-Founder at Bitxoxo.

Rehman believes that even with this growth, there won’t be a massive return in the short-term future.

Co-founder of Zebpay, Sandeep Goenka, also had some words of caution.

However, don’t put all of your money in one Bitcoin basket just yet. Novogratz went on to say that smaller investors should put between 1% and 3% into the currency, while high net worth investors can go as high as between 5% and 10%.

Even though these investors are eager, willing and ready, they could be in for a bit of a letdown according to Hesham Rehman, CEO and Co-Founder at Bitxoxo.

Rehman believes that even with this growth, there won’t be a massive return in the short-term future.

Co-founder of Zebpay, Sandeep Goenka, also had some words of caution.

However you may choose to view cryptocurrencies in general, they cannot be ignored. Bitcoin in particular has managed to exceed expectations, and seems set to continue to do so.

Author : Jack Dean

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