Can Bitcoin’s value really soar to $400,000? – Pocketful of Dirhams
The cryptocurrency topped $30,000 for the first time earlier this month
After soaring 300 per cent last year, Bitcoin’s value is still on the rise, as investors pile funds into the leading cryptocurrency.
The prices of many other digital coins have also increased sharply, as cryptocurrencies experience a mini boom.
While some analysts are making wild predictions about Bitcoin’s price rising as high as $400,000 from its position of about $31,000 at the time of recording, new investors should tread cautiously.
In December 2017, one Bitcoin was worth almost $20,000, up around 1,900 per cent from the start of the year before plummeting in value in early 2018 leaving some investors badly burnt.
So will this time be different? And, what is the advice for investors looking to add Bitcoin to their portfolio now?
Host Alice Haine of The National is joined by Gaurav Kashyap, market strategist at Equiti Global Markets, who shares his advice on how to invest in Bitcoin.
Listen to last week's episode on how to get your savings on track for a bumper 2021
Updated: January 6, 2021 06:13 PM