Bitcoin surpassed $4,000 Saturday, reaching its latest milestone and setting yet another all-time high.
The cryptocurency, the world’s largest by market capitalization, reached as much as $4,000.93 during the session, according to figures provided by CoinDesk’s Bitcoin Price Index (BPI).
At the time of report, Bitcoin prices had fallen back somewhat, retreating to $3,912.18, additional BPI figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
By hitting this latest milestone, Bitcoin has surged more than 300% year-to-date, rising from less than $1,000 at the start of the year to break through key price levels of $2,000, $3,000 and $4,000, according to CoinDesk’s BPI.
Over the last several months, media outlets have produced countless stories about “Bitcoin millionaires” and the sharp returns that everyday investors could have generated had they simply purchased bitcoin in its early days and held the innovative asset until this year.
Now, so-called “Bitcoin Believers” will have an even stronger case, as the cryptocurrency’s latest price milestones have provided Bitcoin loyalists with increasingly robust returns.
While Bitcoin has generated great visibility over the last several months with its torrid price gains, this sharp appreciation has spurred concerns that this particular asset – and indeed the broader cryptocurrency space – may have entered bubble territory.
Market observers have offered many different views on this subject, ranging from skeptical to optimistic. Nonetheless, investors can benefit from keeping in mind that there have been ongoing discussions regarding this potential bubble.
As for what Bitcoin prices will do next, nobody knows. Some believe that cryptocurrencies are simply a fad, while others believe that Bitcoin will go “to the moon.”
In the end, only time will tell.
Disclosure: I own some Bitcoin and Ether.
More Info: www.forbes.com