Bitcoin has surged past $200 for the first time in history, but its meteoric rise has prompted many in the financial world to sound the alarm.
As of Wednesday morning, Bitcoin is trading at $233. Just last week it crossed the $100 threshold and a month ago it was valued at about $40. Naysayers are calling it a massive bubble, and given the numbers we are inclined to believe them. However, there are still those who believe Bitcoin is a wise investment.
They have a valid point. Anything that doubles in value in just over a week might work as a short-term speculative investment. For many, the allure of doubling their cash in a matter of weeks, or even days, might be worth the gamble. However, it sounds very risky at this point.
Bitcoin is not regulated, it relies on bitcoin exchanges, which aren’t regulated either, and although its decentralized nature sounds like a revolutionary idea for the digital age, the sheer lack of regulation and oversight will continue to hamper efforts to make it a trusted mainstream currency.