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Whats Behind the Bitcoin Surge?
In early December 2024 it reached a high of about $105,000, he added.
The previous high was about $68,000 in October 2021.
Exchange-traded funds hold $13 trillion of assets.
This allows bitcoins to be purchased and held by a much larger array of accounts including retirement accounts.
Some believe this scarcity makes bitcoin a potential hedge againstinflation and currency devaluation.
Con: Its Extremely Volatile
Hackmann explained that bitcoins volatility makes it unsuitable for conservative investors.
Bitcoin only belongs in the most speculative portfolios, he added.
While bitcoin may rise further, Hackmann warned that history suggests an inevitable large downturn in the future.
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