Bitcoin Breaks Pound Sterling All Time High
The price of Bitcoin in the UK is trading at an all time high of £706.55 at the time of publication. Higher than that of the December 2013 bubble which saw the GBP price of Bitcoin peak at £699.93. While the dollar price of Bitcoin ($874.34) has some way to go to break through its own all time high of $1216.73, a combination of a weakening pound sterling post-Brexit and a strengthening of the US dollar following Trump’s election in 2016, has fast-tracked Bitcoin to its new all time high – welcome news for all Bitcoin investors in the UK.
Bitcoin owners who purchased 100BTC at the beginning of 2011, would have paid in the region of £20. That £20 investment is now worth in excess of £70,000 – an ROI that makes “comparable” investments such as Gold and Silver, seem a little pedestrian. Bitcoin has had the highest sustained growth of any asset class of the 21st century, and doubts over the cryptocurrency’s longevity are fast subsiding. Bitcoin is not only demonstrating itself as a viable investment vehicle; its underlying protocol (blockchain) is shifting economic and societal paradigms through its “programmable money”, unlocking a world of new commercial (and non-commercial) innovations.
Bitcoin’s road to this sterling all time high has not been a smooth one. The price of Bitcoin has regularly fluctuated by 2-figure percentage points, with crashes that have been as large, if not larger, than the rallies. While the past few years have been noticeably smoother for Bitcoin’s price, cryptocurrency investing in general remains one of the most high risk asset classes in the global market.