A Bitcoin Update to Start December

A week ago, we came off of the US Thanksgiving holiday.  At that time, I wrote about the user base of Coinboise, one of the main exchanges for Bitcoin, had increased by 100,000 users and Bitcoin had jumped over $1,000 per coin to over $9,400.

It’s always interesting to get feedback from the naysayers.  Some say get out, it’s in a bubble.  Maybe.  Maybe not.

I believe that this is the first set of change we are seeing to currency since we moved to paper dollars.  And none of us know the discussions that were going on then, but maybe they were pretty skeptical of that working out.  Maybe they thought it didn’t make sense to stop trading silver and gold.

Today, I ask, do you really have faith in governments, domestic and abroad? To reject the use cases that digital currency is bringing doesn’t make sense to me.  Why would you continue to put so much faith into fiat currency, where when governments want and need more money, they print it! What does that do to the value of your dollar?

Since I publicly announced that I do invest in Bitcoin and many other Alternative Coins, I’ve heard people from both sides.  Most just don’t understand it, and refuse to learn about it.  Others are open minded and have questions. To my surprise, many have come to me to ask for thoughts and advice, and I’ve been more than willing to share.

December Update:

Last week, I announced Bitcoin was at $9,400 and that I thought it would break $10,000 per coin by the end of the year, if not the end of November.  There was some very rocky volitality in the first few days of the week, and the naysayers came out strong! However, a week after my last update, Bitcoin is currently trading at $11,768, or up 22% in the last 7 days.  To date, the naysayers continue to be wrong, and they continue to miss out!

The list below shows what you would have made if you invested a specific dollar amount a week ago.  The left column is what you would have invested, the right is what it would be worth right now. I’ll use smaller numbers since most of us can’t invest large numbers like you see in other posts:

$20 –> $24.40

$50–> $61

$100 –> $122

$500–>$610

$1,000–>$1,220

$2,500 –> $3,050

 

Think about where you would have landed on the spectrum.  You’d definitely be better off today than 1 week ago.  And a common questions seems to still be around how much you have to invest.  You don’t have to invest in a full coin, which means you don’t have to have $11,768 to start.  You can invest in partial or fractions of coins, so $20 will get you started.

And don’t forget the power of compound interest, which will play a huge roll in growing your nest egg!

 

 

 

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