The Bitcoin Bounce: Cryptocurrency surges following election

LANSING, Mich. (WILX) – The digital currency, Bitcoin, is climbing in value. It surged more than 40% since Election Day and surpassed $100,000 for the first time ever on Wednesday.

Since the surge, people have seen more than 100% of total returns. Experts say it’s because of President-elect Donald Trump’s interest and support of crypto but whatever the reason is, it has created a huge interest for Americans, leaving people wondering if it’s too late to get a piece of the bitcoin.

“Is it too late? To get the full run up, yeah it is too late but there are still opportunities. To make a risk investment like that is very speculative and so there is going to be days when it’s really bad and days when it’s really good,” said Mike Douglas, the President of LifePlan Financial Design.

Bitcoin, the world’s most valuable cryptocurrency has reached a new milestone with a surge up about 130% just this year.

“We’re talking about a run up from the 70,000s now to over 100,000. I think it’s just been riding momentum, there have been a lot of things that have happened since the election, today for example, the chairman of the Federal Reserve came out and said bitcoin is digital gold which is a very positive comment by the Federal Reserve chair,” said Tom Shohfi, a Professor of Finance at Wayne State University.

People in Mid-Michigan say they’re still weary about the cryptocurrency because it’s strictly online.

“When people have FOMO, the fear of missing out on the biggest thing, or the old phrase pigs get fed and hogs go to slaughter, we don’t want to overly weigh towards a highly risky investment even though it’s doing well. You have to be appropriate about how you invest it,” said Douglas.

Experts say don’t invest any money that you feel you can’t lose.

“The downside is that it’s not like putting your money in the bank, it’s extremely volatile, the prices go up a lot, the prices go down a lot. I would say a small percentage of your portfolio would be a good thing but don’t get too aggressive otherwise you could really get hurt if we see a lot of pullback,” said Shohfi.

If you want to invest your money in crypto, experts say its best to get informed before doing anything.

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