Is Bitcoin the new Dot-Com?
Bitcoin has been rising astronomically over the last few weeks, but took a hard turn south after Coinbase announced they will allow users to buy and sell Bitcoin Cash on Tuesday. By Wednesday, the crypto giant was down more than 10% from its all-time high prompting investors to wonder if the bubble is about to burst. Financial expert Jamie Dimon, chief executive of JPMorgan, is quoted as saying investors are “stupid” and will ultimately regret their involvement with Bitcoin someday. Additionally entrepreneur Eric Schiffer feels crypto investors are bandwagoning and Bitcoin’s “days are numbered.”
So, does mean the end? Not necessarily so.
Investing in other coins in could be the answer. Crypto investor Oliver Issacs cautioned against relying solely on Bitcoin. “Currently if you invest in Bitcoin you can make a significant amount of money, but similar to the Stock Market it is important to be cautious and prevent putting all your eggs in one basket.” Financial blogger and Standpoint Research founder and Ronnie Moas is also hopeful. As he told CNBC, “the endgame on Bitcoin is that it will hit $300,000-$400,000 in my opinion, and it will be the most valuable currency in the world.” Where Bitcoin leads, others will surely follow.
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