I know some readers hate it when I write about Bitcoin, so I try to only comment on its dynamic returns a time or two a year at most. Still, when it hits another all time high – fueled by the most dynamic entrepreneur of our age, Elon Musk – it’s worth another mention.
Musk’s Tesla board agreed to invest $1.5B into Bitcoin yesterday, driving the cryptocurrency up to as high as $47K. That’s more than double what it was just last November when I wrote back-to-back articles on Tesla and Bitcoin.
The company announced it will begin accepting Bitcoin as payment in the future, so perhaps my small hobby investment in the crypto will someday pay off into something real. I bought at $4K a coin, meaning my original buy & hold investment has gone up almost 12x.
No, I am not doubling-down on cryptos or moving a significant chunk of my portfolio into Bitcoin. Maybe I should, but it is still highly speculative and in my situation it is more important to protect wealth than attempt to grow it in risky ways.
Despite it’s incredible run, my prediction for the future is that Bitcoin is still more likely to drop to zero than grow to $400K. At the same time, it is amazing that $400K could be a possibility!
Image Credits: Pixabay