Bitcoin surged to a new high of $4,880 on Friday [Sept 1].
It must have been cause for cheer among investors who bought bitcoin a year ago.
Back then, the price of bitcoin was a more affordable $572 per token, according to CoinDesk — less than half the price of an ounce of gold. So, had an investor in theory decided to invest about $100 at that point, their stake would be worth about $850 today.
Still, bitcoin has been a highly volatile currency, easily losing, or gaining, $200 over the course of a day. Even now, analysts such as those from investment banking giant Goldman Sachs expect the cryptocurrency to fall some time in the near future before rising once more.
Bitcoin’s sudden rise has drawn comparisons to other investments that shot sky high— only to come plunging down—like tech stocks in the late 1990s and real estate in the early 2000s.
The Law Office of Beth Mann, P.C. 