The Bitcoin rally is building momentum and it is currently up 170 percent for the year of 2019. The recent announcement by Facebook to table a new cryptocurrency project called Libra was the more recent example of a digital currency gaining momentum. Note that we published a audiovisual presentation called FOMO two weeks ago and since the announcement, this digital currency rally aggressively. On Monday, the Coindesk Bitcoin Price Index which takes into account the price of the cryptocurrency across various exchanges produced that 11,000 dollar plus print.
Some investors are jumping on the buy side simply because of the FOMO – fear of mission out – as we stated in our video but others are now saying that they are somewhat cautious. After falling to the mid-$3,000 mark at the start of 2019, Bitcoin has rallied aggressively and seems to be gaining momentum. There are more and more firms that are clearly putting faith in digital currencies and with the most recent comments coming out of Facebook, the possibility of a continued rally is set for the rest of the summer. We sourced this piece on CNBC with some interviews, including one from Jehan Chu, co-founder of Kenetic Capital, a firm that invests in blockchain start-ups. We will be updating on this subject in the coming weeks.