Bitcoin is had a great week, having seen an increase of more than 20% in its price.
Up 115.23% YTD, not only the digital asset, climbed to the level (almost $16,000) not seen since early January 2018, but it has now also run up above $10,000 for over 100 days.
With the leading digital currency back in the game, bitcoin holders, investors, and traders are having a great time.
These gains have made the Winklevoss twins billionaires yet again. Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, bought $11 million worth of BTC in 2013, who briefly became billionaires when BTC soared to its peak of $20,000 in December 2017.
“The price of Bitcoin is being driven by all of the money printing and uncertainty in the world right now,” said Tyler Winklevoss, the CEO of Gemini, the exchange that recently got its application for an electronic-money license approved from the Financial Conduct Authority, to expand into the UK market.
Back in August, the twins predicted that the Bitcoin price would reach $500,000 because “inflation is coming,” and while money stored in banks will get run over, money stored in bitcoin “will run the fastest, overtaking gold.”
There’s lifetime wealth to be created.
The crypto market has started to show signs of a crypto bubble with altcoins also flying as Bitcoin takes a breather after breaking important price levels these past few days.
Amidst this, Robert Leshner, co-founder of Compound Finance, advised those that haven’t experienced one yet to make a plan to take money off the table and stick to it, “regardless of regret you’ll temporarily feel.”
He further ticked off the dos and don’ts, including not taking on debt and always paying off that has been taken, using a hardware wallet to protect funds, and saving for taxes.
Leshner also advised not to shill or get friends or family to buy crypto or let people on the internet convince you to buy assets. And if something seems too good to be true, then it probably is, so just go get fresh air and remember that the tide turns quickly.
But despite these gains, we are nowhere near the top. Bitcoin has a long way to go, not to mention that we haven't even broken the previous high.
As Ari Paul, co-founder of crypto investment firm BlockTower Capital, said, “We haven't seen even a hint of real euphoria in crypto yet. That happens when lifetime wealth is created. For the vast majority of crypto investors, they're just cheerleading to recover old highs (which remain pretty far away for almost everything but BTC).”