The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| E-Paper
Search
+

    Bitcoin surpasses $16,000-mark! Here's a word of advice for retail, HNI investors

    Synopsis

    The e-currency has been on a roll ever since the beginning of this year.

    ETMarkets.com
    NEW DELHI: Bitcoin surpassed $16,000 for the first time ever on Thursday, ahead of the launch of Bitcoin futures on Chicago-based CBOE this coming Sunday.

    The cryptocurrency hit a 24-hour high of $ 16,110.51 per unit and 24-hour low of $13,083.84, as of 20.45 IST, data available on coingecko.com suggested.

    The e-currency has been on a roll ever since the beginning of this year. The digital currency has zoomed over 1400 per cent year-to-date to hit the all-time high level of $15,000-mark in Thursday's trade from a sub-$1,000 level at the beginning of the year.

    Extraordinary returns delivered by the cryptocurrency has made it the talk of the town.

    Also Read: What is Bitcoin and how does it work?

    Pankaj Jain, a New York-based bitcoin investor in an interaction with ETMarkets.com advised small investors not to invest more than 1 to 3 per cent of their net worth in cryptocurrencies. High-net worth investors should refrain from investing more than 5 to 10 per cent of their investable money in this digital currency, he said.

    Jain said that new investors to first understand the technology or mathematics before jumping the gun.

    That said, Billionaire hedge fund legend Mike Novogratz in a recent interview to a media channel said the cryptocurrency would ‘easily reach’ $40,000-mark by 2018.

    “Bitcoin could be at $40,000 at the end of 2018,” he said on CNBC’s Fast Money programme.”

    Meanwhile, the Reserve Bank of India (RBI) on Tuesday warned the public of the risks of virtual currencies (VCs). The central bank said: “In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns".

    The crytocurrency, which came into being in 2009 as a bit of encrypted software and has no central bank backing it and no legal exchange rate, has soared from a 2017 low of $752 in mid-January to surge sharply over the past month.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Also Read

    22 Comments on this Story

    Suresh Prabhu975 days ago
    If you are a US taxpayer who has engaged in a Bitcoin Offshore Abusive Tax Scheme or any other tax noncompliance involving bitcoins, you should contact Sherayzen Law Office for professional help as soon as possible. Our legal and accounting team has helped hundreds of US taxpayers with their voluntary disclosures and we can help You!
    A Reddy975 days ago
    Investment in Bitcoin will bring down the Gold price day by day.
    Instead of paper currency, the Bitcoin type CRYPTOCURRENCY is a safe and best method to have currency for all good governance governments. Many countries may join. I expect that the paper currency circulation may go down drastically in coming days.
    Shaleen Tripathi976 days ago
    Prices would increase with demand till all the supply is consumed and the market clears and there is no more bit-coins to offer... More investment at dips would increase returns...
    The Economic Times