‘Bitcoin has smashed through $7000 on 2nd Nov,’ and to your surprise it’s still making headlines worldwide! However, the irony is – the very digital currency is still a mystery to many, while a decent group is making the most of its existence.
Well-known as upstart digital currency, Bitcoin grabbed a record-breaking high last week. Gaining 400% hike in its value, the buzz is that Bitcoin is the most money-spinning player in this mushrooming landscape of Cryptocurrencies. And, it’s exactly when the biggies – the Wall Street skeptics, came up to cite it as ‘fraud or a speculative bubble.’
Investors in Bitcoin say that it’s the future-money – the most robust digital alternative to Yen, Euro or Dollar; while the skeptics are still holding onto their very traditional, evergreen saying that “It’s not the real money. After all, you can’t pull-out anything, digging at your pockets at the Subway.’
With its launch back in 2009, Bitcoin became an upstart digital currency, gaining substantial hike in its value ever since. With people worldwide going for it, Bitcoin has gained a new high ever since. Bitcoin investment is the new asset-class – this is what the profited ones say. Similar to a Bond, Stock or ounce of Gold, it’s delivering great at its investment promise.
According to the critics, investment in Bitcoin is no way considerable, for it having no physical accessibility, records or traceable accounts. Valuing it has no good way, yet the fact remains un-changeable just as always. There has been much disapproval to its use and association with real currencies, yet Bitcon has a hulking soar throughout these years.
As of 3rd Nov. 2017, 1 Bitcoin stands against $7, 242.69, making a record for itself. The world has seen Bitcoin’s rising by more than 7% in a day, last week; following which, the total market value surged to $189 billion for all Crypto currencies, with Bitcoin alone accounting for more than $121 billion or 66.85% of this corpus.
The world’s largest derivatives operator, the CME Group, came up with an announcement a couple of days before the value high. They said that they were planning to introduce bitcoin futures contracts as it would draw more institutional investors into the landscape. The investors believe it to be a contributing factor behind such a phenomenal hike in Bitcoin’s price on 2nd of November 2017.
CME went on to add that bitcoin futures contract would be cash-settled and centered on CM/ECF, BRR (Bitcoin Reference Rate), which was launched by a London-based digital trading platform Crypto Facilities in November last.
Amidst such roar and soar, bitcoin has never been off the regulatory affairs. For it to achieve a new high every month and year, global market specialists couldn’t just simply welcome the fact that Cryptocurrencies like bitcoin, ethereum, litecoin can really surge this high. Considering how challenging it is for the real currencies to settle against each other, world’s top banking executives came up with some strict regulations against Bitcoin this year. Like, in September2017, China came up with its first ban on ICOs (Initial Coin Offering). ICO is basically a crowd funding technique that helps firms of all scales raise funds by trading new Crypto currencies.
Well, they did not stop here, and came up to shut down all sorts of domestic bitcoin exchanges later in the month. Following the actions, bitcoin price rolled down pretty sharply in China.
- On Wednesday, 1st of November 2017, the U.S. Securities and Exchange Commission stated that celebrity endorsements of ICOs are potentially illegal, unless they make their revenues and course of action visible.
- Top banking executives like Jamie Dimon, CEO of JP Morgan, and Larry Fink, CEO of Blackrock have as well disparaged the use and investment in Cryptocurrencies. In addition, Dimon made several more comments on investors that are already into dazzles, labeling them to be stupid enough to buy Cryptocurrencies. On the other hand, Fink also stated his disapproval to the use of virtual currency. He further went on to state that it’s an index of money laundering.
After all, the fact of the matter is still vague to a person, who has no or little idea about the market. Reading out statements and falling for some expert words, one will just get the gist, but not the story. For a freshman to know how investing in Bitcoin can be beneficial, make sure there is an access to authentic information. Know some essentials before losing your purse strings for Bitcoin.
It’s though being a confusing time for the investors to invest in Bitcoin, yet with careful consideration, you can at least begin your money-spinning game.
Understand the promise of Bitcoin
Because of its several innovative features and high degree of liquidity, Bitcoin has emerged as the supreme form of money spinners. It’s scarce, transferrable, storable and more exchangeable than government-issued legal tenders (currencies). To understand bitcoin’s promise, it’s very much essential to understand its course and conditions. Bitcoin is combined with payment system, which is fast, cheap and also untraceable. So, you have a fortune to make; and if you want to settle your life as soon as possible – investing in Cryptocurrencies (especially in Bitcoin) is wiser. The risk factors have been reduced to almost nil.
And, know its current market cap
Well, Bitcoin accounts for $123 billion of total market value of all crypto currencies currently, reaffirming its largest and substantial market cap. To be more specific, Bitcoin’s market capitalization is as usual leading the league again. Having the market share of $122 Billion of the total $185 Billion as of November 2017, Bitcoin values more than any Investment Bank.