So here we are with bitcoin having peaked at USD $20,000 a few...

  1. 335 Posts.
    So here we are with bitcoin having peaked at USD $20,000 a few days ago - about a year after first hitting $1,000.


    That said, we've seen a significant retrace in the past few days.
    charts.bitcoin.com/chart/price


    I can't predict whether it will go up or down in the short term, but my own opinion remains unchanged - since first posting on digital currencies - that the long term continues to look promising. There may be bumps and bubbles along the way (there have been many in the past), yet overall it seems a lot of wealth is flowing from traditional investments into digital currencies, of which bitcoin is certainly the leader.

    As posted earlier, there are a few exchanges in Australia now where you can buy bitcoin. My favorite remains coinspot.com.au because it allows you to purchase other digital assets other than bitcoin and is quite easy to use. btcmarkets is another one but I've found it less intuitive to get started. Also as mentioned earlier, you can buy fractions of bitcoin, so you don't need 20k to get started.

    What's driving the bitcoin phenomena is, I think, quite simply that there is a growing demand and bitcoins are in limited supply. As at the time of writing, the retrace appears to have stopped at USD $13,000. Retraces in the past have typically been in the range of 30%-40% so if this is an average retrace then now is a good time to get in. but.... that said...

    ...as before, im not a financial advisor, DYOR, etc
    Last edited by NewEconomy: 22/12/17
 
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