Seems like everyone is fascinated with crypto nowadays, even if no one can really explain what it is or how it works. Details, schmetails, right? 🙃
Anyway, since it’s a popular topic we thought we’d do a roundup of some of the latest crypto news. After all, whether you’re looking to acquire some and waiting for the right time, or you already have it and are just watching the price, it’s a heckuva roller coaster to be on!
Here are Five Fast Facts about crypto:
- 🎢 Continued Volatility - Bitcoin is the 800-pound gorilla of the crypto space, partly because it was the original cryptocurrency back in 2009. The price of one bitcoin has been all over the map, but is currently around $68,000, a weekly increase of 12%. This beat the broader crypto market index by 3%. But hey, wait 4 seconds and it’ll be vastly different. Welcome to crypto investing!
- 🗳️ Election History - Octobers have generally been pretty good for crypto, with prices usually going up. Crypto has only been a popular investment asset in one other presidential election, so there’s not a lot of history about what elections in particular do to the price of crypto. One estimate suggests that the price could shift by as much as 10%...up or down! Crypto investing is not for the faint of heart!
- ❓ The Candidates - Where do the two candidates stand on crypto? Trump has long been friendly toward crypto, and recently promised to replace the current SEC chair with someone who is also more crypto-friendly. Harris hasn’t offered specific policy statements about crypto. Do with that what you will, we’re just the messenger.
- ⚡ New Energy - One interesting pivot affecting crypto is the recent deals between crypto mining farms and AI. Mining for crypto requires a huge amount of computer power, and the big AI chat engines require 10 times as much power as Google searches, so it’s a natural fit. Rather than build new data centers, AI companies are leaning into crypto mining operations that already have it readily available. A group of 14 bitcoin mining companies saw a 22% increase in stock value this summer compared to a 4% rise in the S&P500 and a 12% decline in bitcoin itself.
- 📈 Expected Growth - In general, crypto is expected to continue growing significantly, with over 12% annual growth between now and 2030. Pricing is so erratic that it’s almost impossible to predict, though it’ll probably be higher than Snoop Dog.
🔥Bottom line: It’s a crazy digital frontier that combines investment and technology. Whether your interest is in investment or as a new kind of currency to use regularly, it’s certainly quite a ride.
Do you have any crypto?
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