Considering its volatility and the possibility that the entire value of a cryptocurrency investment could disappear, investors who don’t think they could handle the market swings might want to steer clear. Traditional value metrics don't apply, so there are no methods for assessing its value that we endorse or find persuasive beyond the trading value. It doesn’t have a price-to-earnings ratio, price-to-sales ratio, or book value. Bitcoin, for example, doesn't have earnings or revenues. Its volatility is driven primarily by supply and demand, not inherent value. Cryptocurrency doesn't fit within traditional asset allocation models, as it is neither a traditional commodity, such as gold, nor a traditional currency. Major companies, including Microsoft, PayPal, and Overstock now accept Bitcoin as a form of payment.Ĭryptocurrencies are speculative investments, with significant volatility of cryptocurrency prices and the prices of indirect investments that have exposure to the cryptocurrency market. All of this attracted media attention, which drove mainstream awareness and, ultimately, increasing acceptance. Traders saw it as an alternative to traditional investments such as stocks, bonds, and cash, and trading momentum led to a rising, if highly volatile, price. Like many new technologies or products, cryptocurrency has attracted adherents interested in innovation and the perceived absence of governmental control. For example, a single bitcoin ranged in price from $1,000 in early 2017 to a high of over $66,000 in October 2021, with intense volatility in between. Investors hear news about overnight millionaires who lose their fortunes just as quickly. News about Bitcoin and other cryptocurrencies have been impossible to ignore. Why have cryptocurrencies like Bitcoin become so popular?

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