Some investors have likened the bitcoin hype to the dot-com bubble. But you can get burned assuming it will keep skyrocketing. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. Small investors like yours truly have a fear of missing out on a chance to get rich quick. Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Related: Bitcoin plunges more than $2,500 after hitting new record The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures, which may attract more professional investors. ![]() Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. Regulators have taken a hands-off approach to bitcoin in certain markets. There's a long list of factors people may point to in an attempt to explain this. Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin. By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one. It's an investing frenzy, plain and simple.īitcoin cracked $1,000 on the first day of 2017. My wife's opinion of me has reportedly decreased by the same amount. One week later, it was (briefly) up 100%. (A few days later, I bought another $150.) By the time we got to our hotel, my stake had already gone up 10%. ![]() When I saw the price of bitcoin fall to $9,500, I pressed buy, defying the wisdom of two finance titans and my wife. He said he hoped it would be worth enough one day to buy a house. ![]() Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. Īnd yet bitcoin has climbed more than tenfold since Buffett's warning. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a "fraud" and suggested people who buy it are "stupid." Warren Buffett called bitcoin a " mirage" in 2014 and warned investors to "stay away."Īre you trading Bitcoin? We want to hear from you.
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