This story was originally published here.
Bitcoin (BTC) is all the rage these days. Once considered off-limits and dangerous, it became the hottest asset class in 2020, and it seems the momentum will not stop anytime soon. On Jan. 8, the cryptocurrency’s sizzling rally helped bitcoin prices near a remarkable $42,000 on CoinDesk. Many who had scoffed at the digital asset are now forced to eat humble pie. More importantly, rookie investors say they’re buying the cryptocurrency due to FOMO, also known as “Fear of Missing Out.”
Bitcoin’s price surge in 2020 is one of the bizarre idiosyncrasies of an unbelievable year. JPMorgan Chase strategists John Normand and Federico Manicardi recently wrote, “Bitcoin has already achieved the fastest-ever price appreciation of any must-have asset.”
However, no matter what the analysts say, crypto prices have stoked a speculative mania among the Robinhood crowd, throwing fundamental and technical analysis to the wayside. Investors are finally getting comfortable allocating at least a small portion of their extra cash towards the digital asset.
That’s why we have compiled this list of five places an investor can go to purchase cryptocurrency. However, before we proceed further, a word of caution: JPMorgan Chase & Co. cross-asset strategists have said that the digital currency is lousy at compensating short-term drawdowns in big sell-offs. Last year, large U.S. financial institutions started including it in their operations. However, the volatility is still there.
Bitcoin recently closed in on the lowest in three weeks, sliding below $32,000. Notwithstanding, prices remain more than double the levels from early November, and some technical analysts argue that a pullback is long overdue.
So, happy trading on the next five platforms. However, keep in mind that this is a volatile asset… Story continues here.
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