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Posted October 05, 2019 08:12:59The value of the cryptocurrency cryptocurrency has risen to around $100,000, making it a more attractive investment than traditional assets like gold, said David Lapp, an analyst at Bank of America Merrill Lynch.
“That is a very strong return for a coin that was only worth $3,” Lapp said.
Bitcoin has been the focus of attention over the past few weeks as speculation surrounding its value surged after it surged past $300,000 on Monday.
The price of a Bitcoin (BTC) cryptocurrency has more than doubled since it peaked at around $1,300 in July.
But while the cryptocurrency is widely accepted, it has been a bit more volatile this year.
The value of a single Bitcoin has dropped over 40 percent from the high of $1.7200 on April 28.
While some believe the volatility of cryptocurrencies could affect the broader economy, Lapp believes it’s unlikely the value will ever fall below $100.
Bitcoin and other cryptocurrencies are created and controlled by computers, with no central authority to regulate them.
The government regulates the prices of those currencies.
The cryptocurrency is also a highly volatile investment, with many people losing money on the exchange of Bitcoin to other currencies or to the US government.
Bitcoin’s rise to $1 million in late July led to a number of high-profile incidents and incidents, including a man in Japan being arrested for allegedly trading in the currency.
Lapp said it was possible that a “bubble” of new money will arise as a result of the increase in Bitcoin, as the value of Bitcoin rises.
“I think this bubble will be bigger than any bubble we’ve ever seen,” Lattimore said.
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