Tonight the Bitcoin crossed $10,000 for the first time! We believe this is a significant game changer for the currency. Throughout the day today, the financial channels were covering Bitcoin in great detail. Even some of the previous detractors are beginning to take notice.
So what does this mean for Bitcoin investors? Our take is that we will continue to see some significant growth for the near term. Already the Bitcoin Investment Trust (Symbol: GBTC) is trading and was up over 10% today. The CBOE has announced plans for a Bitcoin futures offering in the near future, and the major financial houses are scrambling to develop plans that could bring about the currency’s “legitimacy” in the not too distant future.
These actions should bring about much better coverage in the currency through traditional financial channels, which could help dampen some of the big swings typically seen over the last year. That’s not to say there could not be a pullback in the future – possibly a big one. The savvy investor should be aware that a drop can happen at any time. But with all the activity now, the pullback may take a while. Hopefully when it comes, things will stabilise and allow the currency to consolidate and begin a more reasonable climb.
For now, we are continuing our ongoing strategy. We added to our mining contract at Swiss Gold Global, and while we are continuing to reinvest to grow our other investments, we are beginning to take some profits. As always, be wary!