{"id":234110,"date":"2017-10-23T09:00:58","date_gmt":"2017-10-23T07:00:58","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=234110"},"modified":"2017-10-23T09:02:24","modified_gmt":"2017-10-23T07:02:24","slug":"bitcoins-incredible-month","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/234110-bitcoins-incredible-month.html","title":{"rendered":"Bitcoin’s incredible month"},"content":{"rendered":"

On 24 September, Bitcoin was priced at $3,650. On 23 October, less than a month later, Bitcoin was priced at $6,000.<\/p>\n

The rise in price – around 64% in the last 30 days – has left Bitcoin holders smiling, and those who thought the price to buy was too high at $3,600 kicking themselves.<\/p>\n

It then raises the questions: Is it too late to invest in Bitcoin, and what is a “fair price” for the cryptocurrency?<\/p>\n

Richard Turnill is the\u00a0chief investment strategist for BlackRock – the world’s largest asset manager – and according to him, the fair price of Bitcoin is unknown<\/strong><\/a>.<\/p>\n

Turnill said in an interview that Bitcoin has recently experienced “spectacular price increases”, which give it the characteristics of a bubble.<\/p>\n

Due to this, there is no way to assess the “fair value” of Bitcoin.<\/p>\n

“The main argument for buying is that prices have risen and are therefore going to continue to rise over time. But there’s no inherent right or wrong price for Bitcoin,” he said.<\/p>\n

“I can’t answer what’s the fair value for Bitcoin or any cryptocurrency. For that reason, I’m not an owner.”<\/p>\n

CoinDesk reported that at the time of\u00a0Turnill’s comments,\u00a0Google search trends showed a sharp increase for Bitcoin.<\/p>\n

“Long an indicator of potential buying, this trend suggests the rally has attracted the attention of the investor community,” stated CoinDesk.<\/p>\n

Bitcoin search volume is near all-time highs, and it stated that as more investors look for “stellar returns”, the price will be pushed up.<\/p>\n

Despite scepticism from investment experts, the price of Bitcoin continues to rise – up 500% from the start of 2017.<\/p>\n

How much you should invest<\/h3>\n

For consumers investing in Bitcoin, or any cryptocurrency, the high returns should not see them placing their entire investment portfolio into the coins.<\/p>\n

Union Square Ventures\u2019 Fred Wilson recently stated that different categories of investors<\/strong><\/a> should tailor their Bitcoin investment as follows:<\/p>\n