What Is Bitcoin and Should You Buy It?
The price of Bitcoin has skyrocketed since the beginning of the year, surging past $4,800 on September 1 for the first time, up from under $1,500 at the start of 2017. The rising price of Bitcoin, the most widely used cryptocurrency, has made it a mainstream news item, even if it’s still a mystery to most Americans.
Bitcoin is the largest and best known digital currency or cryptocurrency, meaning it is produced by computer programming rather than governments (like the U.S. dollar) or dug up from the ground (like gold and other precious metals).
Josh Rosenblatt, an attorney at Frost Brown Todd and an investor in cryptocurrencies agrees, citing the following advantages over traditional payment methods: they are fast, they work equally well locally and internationally, and they are secure.
“I think we will continue to see increased adoption [of digital currencies] and there may be two other turning points,” Rosenblatt says. “If my traditional bank offers Bitcoin integration in their banking app that is already on my phone. Or if investment managers start suggesting that retirees keep a portion of their retirement savings in cryptocurrency—because it is a highly liquid asset that is non-correlated to the stock market—then all bets are off.”
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