Why is bitcoin going up?
So I bought 30 bitcoins last month for $140/ea... and now they're worth 725/ea. Just wondering if it would be smarter to sell or buy... I'm still trying to figure out if this is something to do with Silk Road and Silk Road 2.0 or something to do with China... or something else entirely.
What are your thoughts?
- Anonymous7 years agoFavourite answer
Soooo I think ever since the US Government seized all those Bitcoin from Silk Road , they have people on the inside increasing the prices so they can liquidate their coins$$$
- Anonymous7 years ago
It is true that the price of bitcoin will fluctuate, not the trade which has used it. This is because there is no central bank control. And we cannot estimate the demand and supply, or even the foundation as we always do in the stock market. So the risk is high in the short run. However, it can be more upward trend, if there are more demand. Some big retailers have started to use bitcoin. If so it will be a good future.
- 7 years ago
Yea, found an article or two for you to check out:
They are saying the value would just keep increasing, but the market seems to be extremely volatile. I was looking on the site and found this.
"Bitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency."
Now I don't know much about bitcoin, so that's basically what I found out. I hope I was at least of some assistance :)
- BitcoinLv 77 years ago
I would definitely sell a few bitcoins just to make back your money, then hold on to the rest as an investment. It's only going to keep going up in the long-term, with highs/lows in the short-term.
Ask more Bitcoin questions here: http://bitcoin.bitshare.cm/forum
Get real-time Bitcoin prices here: http://bitcoin.bitshare.cm
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- 7 years ago
I would sell enough to get your initial investment back and let the rest ride. The price is all over the place the last few weeks. Granted I think it's gone up to fast. That being said I also wouldn't be surprised if it hit $1000 in the near future.
You could always go gamble some at https://coincontroller.com?r=78b5d5604