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Bitcoin Reaches a New High

Written by Monica Savaglia
Posted October 31, 2017 at 8:30PM

Over this past weekend, Bitcoin hit a new record.

It reached a new high of $6,306.

Without a doubt, this year has been one wild ride for digital currency. As a result, it’s made the office here Wealth Daily very interesting.

We’ve been following digital currencies for a while now, but it wasn’t until this year that the wider market started to see the huge (and obvious) potential for the industry in 2017. Not to mention the potential it has for you, which explains why we’ve been giving you Bitcoin and digital currency updates at full speed.

We want you to be well informed and able to grab those life-changing possibilities as quickly as possible.

Hearing about Bitcoin’s new all-time high over the weekend obviously brought some chatter into the office on Monday. The cryptocurrency cooled down a little bit by Monday morning and was priced near $6,170.

The really interesting part about this spike was that there wasn’t even any significant news within that past week that would have sparked an increase, especially an increase that would take Bitcoin to a new high.

Actually, there’s been more news going against the digital currency than headlines that would support the increase, which says a lot about the feelings of investors.

Especially when one of the most influential investors, Warren Buffett, speaks out against Bitcoin and the digital currency still ends up reaching its new all-time high.

Buffett had this to say about the currency:

People get excited from big price movements, and Wall Street accommodates… You can’t value Bitcoin because it’s not a value-producing asset…

He continued by saying that there’s no telling how far Bitcoin’s price will go and then went even further to say that Bitcoin is a “real bubble in that sort of thing.”

In any normal circumstance, that would have given Bitcoin a bad rap, and we would have seen prices drop, but obviously that wasn’t the case, as we saw prices soar over the weekend.

Investors are excited and attracted to the potential in cryptocurrencies.

Bitcoin Full Speed Ahead

Right now, there’s no stopping Bitcoin. This new investing world has been unleashed, and there’s no turning back now. Bitcoin continues to rise against the U.S. dollar. So far this year, it’s risen over 500%.

Following Bitcoin and other digital currencies has brought some really interesting and insightful conversations to the office. It’s safe to say we all have opinions on it.

Some people are waiting for the bubble to burst, while others see the huge potential that this market has for us, the "everyday investors."

Even not-so-average investor Peter Thiel, the billionaire and founder of PayPal, believes people are taking Bitcoin’s potential for granted. Thiel recently compared Bitcoin to gold when he was speaking at the Future Investment Initiative in Riyadh, Saudi Arabia:

I’m skeptical of most of them (cryptocurrencies), I do think people are a little bit… underestimating Bitcoin especially because… it’s like a reserve form of money, it’s like gold, and it’s just a store of value. You don’t need to use it to make payments… If Bitcoin ends up being the cyber equivalent of gold it has a great potential left.

Just like Peter Thiel, we're seeing the great potential that's left for Bitcoin, along with even greater potential ahead for some of these other digital currencies.

Since the beginning of 2017, we’ve observed a lot of market trends and those trends’ effects on Bitcoin. Not a day goes by that we’re not talking about Bitcoin, Ethereum, Litecoin, or the broader topic of digital currencies and where we see the market going in the next few years.

This isn’t the first time we’ve started to get the conversation going on Bitcoin and its market. In fact, our CEO bought Bitcoin at $70 when we all first started to realize the potential for this market. And he got in on Ethereum when it was at $16.

Ethereum was trading at $306.23 as of Monday evening. That’s a 1,813% gain from the $16 price at which our CEO bought Ethereum.

Don't Miss Your Second Chance

Billionaires and everyday investors alike can’t ignore the investing opportunity that is digital currency. Some people are just now finding out about Bitcoin.

While we’ll probably continue to see benefits and new opportunities for Bitcoin, it might be a little too late to earn the type of profits you were hoping for — like if you bought Bitcoin when it was trading at its $0.06 price in 2009.

This morning, October 31, 2017, Bitcoin opened at $6,121.80, which is a little too steep to start investing in now, especially for everyday investors like you and me. But just because you’ve missed the opportunity on this one digital currency doesn’t mean there aren’t other chances for you to see similar profits.

I mentioned earlier that we’ve been following other digital currencies. Well, we’ve found two other digital currencies that are both seeing growth patterns similar to that of Bitcoin a few years ago.

I know I’m regretting not investing in Bitcoin when we first identified that it was primed for impressive (and quick) growth, but here’s the second chance you’ve been looking for.

We can’t stress it enough: This is going to be a wild but profitable ride — so stay updated and informed! Keep checking your inboxes! And if you’re new to cryptocurrencies, then check out our Investor’s Guide to Cryptocurrencies.

Until next time,

Monica Savaglia
Wealth Daily

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