Bitcoin hits $10,000 a piece

This week bitcoin hit an enormous milestone when the cryptocurrency passed the $10,000 a piece value. Much of its value is due to the fact that there is only a limited amount of the currency. Unlike other currencies, where more can be printed, bitcoin has a set amount of 21 million pieces. Last week bitcoin was worth $8,000 a piece, and just a year ago bitcoin was worth $400. World economics are changing, and it could be seen across every industry.

 

With the surge in price for the digital currency, it brought many investors into the trade of bitcoin. So much so that 2 major digital exchanges crashed, these were Coinbase and Gemini. However, many economists have warned about the currency, fearing a bubble. Although the digital currency rose above $11,000 a piece on Monday, within 24 hours it dropped 18%, to $9,000 apiece and then made its way back up to $10,000. There is a lot of volatility in the currency, which has been on display over the last week. Many were skeptical of the digital currency, which didn’t even exist 10 years ago. Now its price has surged passed $10,000. This is a good time for those investors of bitcoin who entered the market when the digital currency was 1/10 of what it is worth today. Many can take this as an example, people choose to enter a market when they see results, but many times they enter too late because they are afraid of the risk. Risk is what drives our economy forward, and by taking risk people reap better rewards.


<< back