Yeah, I’m that person in the office who loves to talk bitcoin.
Two reasons for that, if you must know. Firstly everyone else finds it annoying and I get a kick out of that. Secondly it’s kind of a hot topic right now, and even if you just dabble with a couple of hundred bucks what’s the harm in having a punt?
Thirdly, while I still have your attention, it’s not pronounced boetcoin – no matter how much time you’ve spent in the Southern Suburbs.
Anyway there’s no such thing as a common consensus on bitcoin, but if the past year has taught us anything then the sky is the limit.
Or, if we are taking the advice of CNN Money, $50 000 (R687 000) in the next three weeks.
That’s approximately three times its current value, which sounds ridiculous, but there is method to the prediction madness.
First up, a bit on why it’s soaring:
Bitcoin is also being driven higher by the hands-off approach many financial regulators seem to be taking toward the digital currency…
Japan’s government, for example, gave bitcoin the seal of approval and started licensing bitcoin exchanges earlier this year…
Announcements from some major financial institutions in the U.S. are helping bitcoin gain greater mainstream acceptance.
This month, investors will be able to start trading bitcoin futures via the Chicago Board Options Exchange and Chicago Mercantile Exchange.
New York’s Nasdaq plans to launch its own bitcoin futures in 2018.
But who can afford to buy a whole bitcoin, currently costing around $16 000 (R218 000)? Incorrect buzzer noise, because very few people are actually buying whole bitcoins:
When you invest in bitcoin, you don’t have to buy a whole unit. According to research site BitInfoCharts, the vast majority of bitcoin accounts contain just 0.1 bitcoin or less. Just 3% of more than 20 million bitcoin accounts hold one bitcoin or more.
I don’t want to toot my own horn here, but I currently own 0,002336 of a bitcoin. See you in the south of France, mofos.
Anyway, here’s what everyone really wants to know – what the hell is going to happen next?
Arthur Hayes, CEO of Hong Kong bitcoin exchange Bitmex, predicts prices could hit a mind-boggling $50,000 by the end of next year, driven by the flow of money when institutional investors “pull the trigger” on investing in the digital currency.
Octagon’s Chapman is willing to stick his neck out even further. He thinks it will go above $100,000 before 2018 is over.
Hell’s bells, I think I might harvest a few organs and get stuck in.
I joke, I joke, but if you think it’s time to take the leap here’s how easy it is.
You download the Luno app – CHECK. Or you do it old school on your PC, Mac or tablet – fine, CHECK.
You deposit money and buy bitcoin – CHECK.
You then monitor the price constantly and tell everyone around you how much moola you’re making with, like, no effort at all – CHECK.
Ah yes, that smug face you make when you talk about your passive income. Look at you go.
At the end of the day you do what feels right to you, but you might feel like a bit of a wally if you miss the boat on this one.
Also, happy Friday peeps!
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