Risk and Retirement investing in Canada – Is Bitcoin a good option?

Bitcoin a good option

Cryptocurrencies, especially Bitcoin has witnessed tremendous success in the last year. The value of Bitcoin has increased 10 and even more times in less than a year. Even though this growth is pausing in the last few weeks, the fact is that many financial experts and consultants have started analyzing the potential of cryptocurrencies.

Some experts in the field of pension plans claim that Bitcoin is not very investable at the moment, but they are considering whether this can change in the near future. The main reason why they are still not making huge investments is simple – everything has happened very fast. On the other hand, you have a few other investment options that are present on the market for years like gold and precious metals, diamonds, stocks, real estate and more. But, what we can all agree on is that it is worth paying attention to this phenomenon.

Blockchain technology is still developing and evolving. This technology has allowed Bitcoin to go from 1000 USD at the beginning of January 2017 to $11000 in the beginning of January 2018. That’s 11 times more in just one year. That’s why this cryptocurrency was one of the most talked topics in the world of finances last year.

What’s important to mention is that it’s not only the Bitcoin that is worth considering as an investment option. There are other successful digital currencies like Ripple and Ethereum for example. They too have witnessed a sudden increase in their value in the last few months. The number of cryptocurrencies is growing too. For example, Kik, the popular chat platform has raised over one hundred million US dollars with the help of their token sale. However, Canada was not part of this project because there were some regulatory problems.

A few influential innovators have criticized these regulations because innovation should be playing one of the crucial roles in the economy of this country. The authorities must find faster ways to regulate brand new technologies.

So, the final question is – Is Bitcoin a good option for retirement investing? There is no short answer to this question because we miss some of the most important parameters. This is a new phenomenon and we must be careful. Experts don’t recommend investing all your retirement money in Bitcoin, but it may a good idea to buy a few bitcoins for this purpose.