LANSING, Mich. (WILX) – The value of the digital currency Bitcoin is rising. It has soared more than 40% since Election Day, topping $100,000 for the first time on Wednesday.
Since the surge, people have experienced more than 100% of total returns. Experts say this is due to President-elect Donald Trump's interest in and support for cryptocurrencies, but whatever the reason, cryptocurrencies are generating a lot of interest among Americans, and people are becoming more and more excited about Bitcoin. I'm wondering if it's too late to get one.
“Is it too late? It's certainly too late for a full run-up, but there's still a chance. Making such risky investments is highly speculative, so some days can be very bad. There are going to be some very good days,” said Mike Douglas, president of Lifeplan Financial Design.
Bitcoin, the world's most valuable cryptocurrency, has soared nearly 130% this year alone, reaching a new milestone.
“We're now talking about going from the 70,000 range to over 100,000. I think we're just building momentum. A lot has happened since the election, including today, “The chairman of the Reserve Board came out and said Bitcoin is digital gold. This is a very positive comment by the Federal Reserve,” said Tom Schoffy, a finance professor at Wayne State University. Ta.
People in mid-Michigan say they're still fed up with cryptocurrencies because they're completely online.
“When people experience FOMO, the fear of missing out on the biggest thing, or as the old saying goes, when the pigs are fed and the pigs are slaughtered, they make risky investments, even if they are doing well. You don't want to put too much emphasis on it. The investment method has to be appropriate,” Douglas said.
Experts say don't invest money you don't think you can lose.
“The downside is that it's not like keeping your money in a bank, it's very volatile and prices can go up and down a lot. I think it's good to have a small part of your portfolio, but , don't be too aggressive, otherwise you could suffer big losses if you see a big backlash,'' Shoffi said.
If you want to invest money in cryptocurrencies, experts say it's best to be informed before doing anything.
Subscribe to our News 10 newsletter and YouTube page for the latest local news and weather information. Do you want to hire talent or grow your business through advertising? Gray Digital Media is your one-stop marketing solution. learn more.
Copyright 2024 WILX.Unauthorized reproduction is prohibited.
