Before this article begins, Bitcoin is an extremely speculative investment and no statements made herein should be taken as advice or trading recommendations.
In terms of economics, there are several terms that most don’t understand and one of those continues to be cryptocurrency. Most don’t know what it means, but now might be the time to start reading up on it. The currency is something that is strictly digital and is not backed by any one source or government such as fiat currencies. The coin is mined through the process of solving computational problems with high powered computer graphics processors where those miners are then rewarded with that currency.
There has been an extremely high level of interest in the currency as it has seen astronomical gains unparalleled by any other market or investment. Robert Brokamp and Alison Southwick recently gave an interview on their opinion of the subject.
Southwick stated that “Bitcoin as an investment idea. Wall Street has definitely, in the last few months, started to talk about bitcoin and dip their toes in. Jamie Dimon over at J.P. Morgan is quoted as saying bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and it won’t end well. He also said that he would fire any trader for trading bitcoin just for being stupid.”
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Other figures in the Wall Street market have stated the complete opposite and that bitcoin may be a solid investment but those who invest should know the market well before investing. “[for example, Goldman Sachs CEO Lloyd Blankfein] said he had a level of discomfort with bitcoin, as I have a level of discomfort with anything that is new. I thought, “Well, that’s keeping your options open.”
The hopes are high that the currency can continue to gain a high reputation as the end of the year comes and goes.