Last week, the price of Bitcoin reached $100,000 per coin, an all-time-high as President-elect Donald Trump promises his administration will be crypto-friendly. WSJ’s Alexander Osipovich breaks down the outlook for cryptocurrency. Further Reading: -Bitcoin Hits $100,000, Lifted by Hopes of a Crypto-Friendly Washington -Crypto Players Celebrate SEC Pick, Bitcoin Touches $100,000 Further Listening: -Inside the Trump Crypto Bromance -Coinbase’s CEO on the Future of Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices
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Our colleague Alexander Osipovich has covered Bitcoin for seven years, and he has a takeaway.
Bitcoin is not for the faint of heart. It's very volatile, and periodically it has these massive drawdowns where it loses much of its value. Bitcoin at $20,000.
We got Bitcoin getting a new all-time high. It topped $50,000 a coin. Bitcoin plunged by 22% to below $42,000.
Some key cryptocurrencies like Bitcoin did rebound a bit today, but that's only after months of steady, dramatic losses. So the price of Bitcoin near an all-time high.
What's your favorite Bitcoin milestone?
Well, I quite like the one that was in late 2017 when Bitcoin got nearly to $20,000. So I felt like that was the first time that Bitcoin really broke out into the broad public consciousness and grandma was buying Bitcoin. The ones since then have felt like a season recap or something to me.
Okay. And if grandma bought Bitcoin at $20,000, how's grandma doing today?
Grandma would have gotten about a five-fold return on her investment.
Because last week, crypto hit a major milestone. What happened?
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