Bitcoin's stellar rise has been hitting the headlines recently. Bitcoin went up by 121% in 2016 making it the best performing asset class of that year. After such a phenomenal rise, one would think it would run out of steam; but instead, bitcoin has continued to surge unabated and is up by a whopping 230% since the beginning of this year.
After events such as demonetisation and at a time when the value of fiat currencies is called into question the world over, bitcoin and various other cryptocurrencies have found many takers. Bitcoin in particular hit an all-time high of US$3,453 per bitcoin after the cryptocurrency 'forked' or split into two.
Bitcoin and cryptocurrencies are a curious bunch. They have no central bank backing and have not yet been regulated. Yet they seem to have found favour among a large number of people, with demand for them growing every day. There are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.
While the world of digital currencies is intriguing, it can get very confusing for the layman. Our very own, Ankit Shah, Research Analyst, has taken upon himself to study cryptocurrencies and help our readers understand them.
Here's Ankit in a recent edition of Equitymaster Insider:
I've been studying and tracking bitcoin for a while, and though I still understand very little about it, I believe that it is a revolutionary technology that could transform a range of businesses and money itself. It would be naive to dismiss it as a passing fad.
I want my readers to be on top of the biggest megatrends in the global economy. So, you can expect to hear about bitcoin whenever there is an important update or insight. (I'm sure you know I'm also the editor of Vivek Kaul's Inner Circle and I have access to a wealth of economic insights from our global think-tank.)
Ankit has also released a premium guide for Equitymaster Insider subscribers, titled Bitcoin 101 which contains everything you need to know about bitcoins and other digital currencies.
If you haven't been receiving Ankit's insights, get on the Insider's list now.
Data Source: coindesk.com