On Tuesday, Nov. 19, investors in cryptocurrency saw record breaking numbers. Bitcoin, a type of digital currency, reached an all-time high passing $93,000. Many believe the future is in cryptocurrency, but what does that mean for the average person who might not be looking to invest?
Let’s start with the first question. What is bitcoin?
“Bitcoin is a peerless, cashless, electronic payment system,” finance expert Dimitrios Koutmos said.
About 250 major companies accept bitcoin as currency, like Starbucks, Whole Foods and Amazon.
In 2010, to buy one bitcoin cost just a few cents. Now to buy one bitcoin, it costs over $93,000.
Finance Professor at Texas A&M University- College Station Dimitrios Koutmos said there are three possible reasons why the value of the cryptocurrency is rising.
The first reason is that it’s more lenient.
“President-elect Trump is expected to take a more deregulatory stance towards the crypto industry,”…
