Bitcoin swings wow, but hold onto money

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Bitcoin forced its way back into investors’ collective imagination last week after wild swings that had people dreaming of the cryptocurrency as a way to make traditional dollars fast.

As the mutual-fund industry moves closer to its first real bitcoin funds, the latest upswing in the price of bitcoin — which moved from $250 to above $450 on some exchanges in the last month — again had investors wondering if they should take the plunge.

When the Bitcoin Investment Trust gained 28 percent in a single day on Nov. 4, investors and the media — which seemed to lose focus on the new currency as prices had stabilized — were again captivated by currency’s wow factor.

Although the virtual currency has fallen sharply in recent days, it is still about 20 percent higher than it was a month ago.

The Bitcoin Investment Trust (GBTC) gives investors a look at what investors might expect when issues like the Winklevoss Bitcoin Trust get regulatory approval and start up. If the Winklevoss name rings a bell, you either saw “The Social Network” or know enough about the

Read more ... source: TheBitcoinNews

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