Many investors are asking: Should I buy bitcoins or other cryptocurrencies? And if not, why?
Bitcoin, the leading digital money, has risen 700percent this year to as high as $7,146, and is up 3,500percent since a low in January 2015. Nearly every day bitcoin and other cryptos are making headlines. Some experts call them the new gold.
But are bitcoin, Ethereum and other digital currencies real investments or a speculator’s game? And what about initial coin offerings, a hybrid of initial public offering and crowdfunding that has spawned Etherum and other projects? Even Wall Street is divided, so many experts warn Main Street investors to stay away or proceed with great caution.
No less than Goldman Sachs (GS) is said to be considering a cryptocurrency trading operation, according to the Wall Street Journal. Yet JPMorgan Chase (JPM) CEO Jamie Dimon recently called bitcoin “a fraud” and said it would likely stay on the black market.
Far from being…