Posted on Dec 19, 2020
Bitcoin's surge poses no threat to gold's status as the currency of last resort, Goldman Sachs...
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Posted 4 y ago
Responses: 1
Number 1 rule of investing is: diversify. You cannot argue with the fact that in the past year Bitcoin more than doubled in price, while gold 'only' went up by 52%. You also cannot argue with the fact that on earth, there is a limited supply of gold. Gold is real, cryptocurrency is virtual. Bitcoin went up 220 times since 2013. If you bought $108 bitcoin in 2013, you'd have 22,800 today. If you bought gold in 2013, you would be up $100. So, if you are a risk taker: Bitcoin would have made you very rich. However, Bitcoin sold for $16,800 in 2017, and dropped to $3,400 on December 2015, so you'd have lost most of your money. With gold, it is mostly steady as she goes.
So... for diversification, I would get cryptocurrency, but not bitcoin at $22,800, maybe Ethereum (ETH) or one of the other lesser known, but solid 'coins' such as Litecoin (LTC) or Bitcoincash (BTC).
NEVER put all your eggs in one investment basket.
So... for diversification, I would get cryptocurrency, but not bitcoin at $22,800, maybe Ethereum (ETH) or one of the other lesser known, but solid 'coins' such as Litecoin (LTC) or Bitcoincash (BTC).
NEVER put all your eggs in one investment basket.
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