cryptocurrency mining

Bitcoin is always going to be a risky investment, but it seems that it is not slowing down in increase anytime soon. The cryptocurrency managed to reach as high as $9,682 as of Monday, November 27th. This means that the currency has risen by over 850% this year alone. This type of growth is unprecedented in most market for investing, which seems to be the reason that so many are drawn to it.


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Bob Doll of Nuveen Asset Management stated that “with bitcoin, why do you need the stock market? I confess its an area of that to me feels speculative, but you might call me old or old-fashioned. It’s been an amazing run, has it not?”

Bitcoin has been on a record breaking streak this year, breaking its high prices several times throughout the year. With JPMorgan Chase CEO Jamie Dimon calling the currency a fraud, many thought that the bubble market of cryptocurrency would pop, but it has yet to do so.

The price of bitcoin may be rising with the concurrent news of tax-reform worries. The Senate has been moving forward towards a vote this week on the GOP tax reform bill. Doll stated that “I suspect there will be some moments where it’s not going to happen. That could create a little bump in the market, but I believe we’ll get a bill done early next year.”


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Morgan Stanley chief U.S. economist Ellen Zentner stated that the promise of tax reform is “better than the delivery. Either it’s a sell on the news event early next year or its a disappointment because Congress didn’t do what folks though they would do.”

The hopes are high that the currency will continue to rise as the end of the year comes and goes.

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