Endorsed by a large portion of the investing community now, bitcoin has emerged as a legitimate alternative to gold for hedging your portfolio. If you have never heard of bitcoin, use this article to find out if it’s a viable investment for your portfolio.
Here’s a quick quiz for readers: what was the top performing currency in 2016?
The answer – surprising to many – is the digital currency Bitcoin, which was created in 2009.
It more than doubled its value last year, rising 126%. Its nearest rival was the Brazilian real, which rose by a mere 21%.
Bitcoin – often called digital gold – is currently priced at about $920. It opened this year with a bang, surpassing the $1,000 level for the only the second time ever. It hit its all-time high in December 2013 at $1,156.06.
2016 was the second year in a row that the return of Bitcoin topped that of all other asset classes – stocks, bonds, currencies, and commodities.
What is behind the rise to prominence of this cryptocurrency?
….also:
SWOT Analysis: The Dollar’s Future and What That Means for Gold
