Another trumpet of the Bitcoin wave is sounded, as the first digital currency is not outdated yet, rather proving “Old is Gold” true. The largest cryptocurrency by market capitalization is touching altitudes like never before. Starting the day with a new high of $61,600, BTC is approximately 28% up over the past month while 1000% over the past year. The Bitcoin Wave of 2021 The best performing asset till now, it is in the “mainstream” asset class for years. Making gold lose its shine and laming bonds, ASX shares, US shares, property, etc. BTC is still drawing investors. Clearly, FOMO is all over again, and it is not wrong to say that this will drive the price of Bitcoin towards the bull. An interesting insight is reported from The Australian Financial Review (AFR) in the morning. The report declared that the US $1.9 trillion stimulus package that was signed into law over in the US could have an impact. While after the bill cleared the US president, Americans have started receiving their US$1400 cheques over the weekend. Rising bond yields since the middle of the coronavirus period indicate inflation in the market. As higher yields imply high-interest rates in the future. Bitcoin could be a solution here, as it is viewed by many investors as having inflation-resistant characteristics. Out of which, a finite number of BTC available is one of them. Is BTC Investment a Smart Choice? Straightforwardly, it depends on one’s outlook for Bitcoin’s future prices. Many fund managers treat the cryptocurrency as an approved asset. Big names like Tesla Inc, Square Inc, etc actually hold BTC on their balance sheets. The case of the extreme volatility of the cryptocurrency is understandable. For example, one can decide to invest 2% of the portfolio’s value to be held in the digital gold. If Bitcoin continues to rise and this 2% grows into 3%, one could sell some off in order to return to your 2% target. If it dips to 1% one could conversely top it up. There’s no right answer here to BTC investment right now. But one thing seems certain, i.e. it doesn’t seem to be going anywhere anytime soon. Investing expert Scott Phillips revealed that he believes “five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.”
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