(50% INCREASE)Crypto Bitcoin Cryptocurrency Bitcoin News Stimulus Dogecoin Ethereum Elon Musk Cuban

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Shark Tank vet and Dallas Mavericks owner Mark Cuban, recently touted the power of holding bitcoin when participating in a Reddit AMA following the Gamestop craziness of the past few weeks.

He explained: “The hard part is to ask yourself if what you believed in has actually changed. Bitcoin holders are a great example to follow. Many bought at the highs in 2017 and watched it fall by 2/3 or more. But they held on because they believed in the asset.”

Cuban continued: “When I buy a stock, I make sure I know why I’m buying it. Then I HOLD until I learn that something has changed. The price may go up or down, but if I still believe in the logic that made me buy the asset, I don’t sell. If something changed that I didn’t expect, then I look at selling.”

With bitcoin and other cryptos not going away any time soon, Cuban’s advice to buy what you believe in and HOLD are solid strategies for both stocks and cryptocurrencies.

Meanwhile, the rise of bitcoin is impacting the price of gold, one of the more popular currencies over the course of human history.

David Rosenberg, chief economist and strategist at the Rosenberg Research, stated: “The Bitcoin craze does seem to have detracted from funds that would ordinarily have gone to the gold market.”

He explained that gold’s price would be higher by at least $200 per ounce if all of that money were not invested into bitcoin.

Fortunately, all is not lost for the precious metal.

UBS Global Wealth Management stated: “While our forecasts show limited upside for gold from a tactical standpoint, its strategic role in a portfolio context remains highly relevant.”

With bitcoin being compared to heavyweights like gold and other precious metals, it seems like the ceiling of this popular cryptocurrency is nowhere in sight.

Finally, bitcoin isn’t the only cryptocurrency rising in value and taking over the news and other investment platforms.

Earlier this week, Ethereum rose above $1,600 for the first time, due to factors such as it’s revamped blockchain network.

Simon Peters, an analyst for the trading platform eToro explained: “Ethereum is in such high demand because the asset is undergoing changes to make it even more decentralized and even more secure. This is attracting buyers from both the institutional and retail world.”

Meanwhile, popular meme cryptocurrency dogecoin, saw an unexpected boost of 50% recently, thanks to Tweets from the richest man in the world, Elon Musk.

Tweeting messages such as: “Dogecoin is the people’s crypto” and “No highs, no lows, only Doge,” helped to raise the price of dogecoin to over 5 cents per coin.

With interest in cryptocurrencies and bitcoin at an all time high, it will be fascinating to see which cryptos are able to break out and become the next bitcoin in the near future.

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