The phrase “Bitcoin broke another record” is nowadays similar to “the sky is blue”, as the world’s most popular cryptocurrency managed to reach almost $17,000 until now, after starting at just $1,000, in January 2017.
Obviously, a lot of people observed this ridiculous growth and considered investing in it. However, not all enthusiasts have a lot of money for this, like the Winklevoss twins.
People were way to enthusiastic
According to Engadget, analysts recommend people to avoid getting caught by the wave and don’t forget that the currency is still pretty volatile. However, not everybody is listening, since a bunch of potential investors took things way too far, ending up with mortgages on their houses, just to buy Bitcoin, while others run up credit cards for this.
The same source cites Joseph Borg, president of the North American Securities Administrators Association, who claims that Bitcoin is now in the “mania” phase, creating a serious frenzy around it.
“We’re looking at it from a money transmission point of view but that doesn’t cover the entire bitcoin space,” explained Borg, also adding that the Blockchain technology behind Bitcoin won’t go anywhere, as well as cryptocurrency, no matter the form it takes. As for Bitcoin chances of surviving on the long term (read this ‘more than 5 years’ from now on), he is still reserved.
A huge start for Futures
In other news, Bitcoin Futures Trading just received approval from the United States Commodity Futures Trading Commission a few days ago. Automatically, this meant that it was only a matter of time until the official launch, but people ware already way to enthusiastic about it!
The launch was so anticipated that when it happened, on December 10, its value went over $18,000, with almost 672 January contracts being sold shortly. In this case, we won’t be surprised to hear that more and more people will consider mortgages, just to invest in cryptocurrencies!