Bitcoin has in recent months soared to an all time high. Its all-time high was $64,870 per Bitcoin on April 14, 2021, which was nine days ago. Today, it fell as low as $47,525 before leveling off just above $50,000.
That is a 26.7% decline in value in 9 days. Is the downturn over, or will it continue into next week? Other cryptocurrencies have also fallen off strongly during the same period.
If you invested a thousand dollars in
Bitcoin on April 26, 2014 ($457.24 per Bitcoin), your investment right just a few minutes ago ($51,258.97 on April 23, 2021) would now be worth $111,083. That is a return of 11,083% in seven years. No doubt, that is very impressive.
But if you are a little more skittish, a 27% decline is crushing. This looks like a very volatile, speculative investment to me. But some people regard it as a currency that is sufficiently stable to conduct their daily transactions with.
What do you think?