There’s been a lot of talk about Wall Street’s wild ride recently, and Bitcoin is another investment creating a lot of buzz. The cryptocurrency that was worth just a few dollars years ago is now soaring to prices in the tens of thousands of dollars, making many early buyers millionaires.
While many people have heard of Bitcoin, a lot of them may not really understand what it is. It’s not a physical coin. When people say they’re buying Bitcoin, they’re actually buying a digital currency that can be exchanged over the internet without a bank.
For years, many people let their bitcoins sit in their virtual wallets. The cryptocurrency slowly grew in value and recently exploded, hitting new highs. One reason for the recent surge — more investors are starting to buy Bitcoin as an asset, much like gold.
“So the reason you’re hearing about it a lot is because there is a lot of demand for it,” said Taylor Tepper, investing and retirement analyst at Forbes Advisor. “So as the prices rise, people become more and more interested. People start thinking, ‘Am I missing out? Is this something I should do? Can I get rich quick?’”
But Bitcoin is not a get rich quick scheme. It’s taken years for it to hit the current record highs. Some analysts predict the price of Bitcoin could see another