I’ve recently fielded calls from clients who have taken notice of pricing in the cryptocurrency market, specifically that of Bitcoin. As of this writing, Bitcoin is trading above $19,000- nearing a new intraday high. Some of the clients who have expressed interest in buying Bitcoin now are the same people who didn’t want to touch it when it was hovering around $4,000 in the spring of 2019.
It is interesting to see a series of events, like the rise in the price of a security (or in this case a crypto), turn into a topic of conversation. With the clarity of recent history, some people instinctively feel the urge to participate in the movement by buying into the price jump. After all, who wants to miss out?
Of course, the conversation may also be based on price direction that has turned the other way. Be wary of a price drop on an investment purchased at a high, as most would rather not participate in a conversation centered around the falling price of that investment held long. Keep in mind, conversations based on the direction of a particular crypto like Bitcoin, are often rooted in what has already been recorded in pricing charts. What has yet to be seen is an unknown, like Peering Through the Bitcoin Looking Glass.
Another note on this topic- the total market value of Bitcoin circulation is about $365 billion compared to a total investment market for gold of about $12 trillion. Crypto is a limited market, so tread carefully if it is in your future~
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