High-value sometimes brings high risk.
The Bitcoin craze is seemingly not ending. The value for the cryptocurrency has now passed $17K as we type this, Coindesk reports.
We first posted on the value of the coin before it even reached 10K since it sent many on social media in a bit of a frenzy, after lots speculated the possible future currency would eventually die out. The hype surrounding Bitcoin has officially surpassed the Tulip Mania craze of 1634 where the then fashionable flower reached an extraordinarily high value that dramatically collapsed in 1637.
"I think this [crypto] is going to be the biggest bubble of our lifetimes by a longshot," Former Fortress hedge fund manager Michael Novogratz said in November. "To be fair, this is a bubble and there's a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzi's. There's a lot of froth and fraud in something that's exciting as this."
Only time will tell if this new phenomenon that has people seriously investing their money will bring them even more or leave them losing thousands, if not more. Check out what people are saying on Twitter: