For many, gold is considered the benchmark of all wealth. It is the official symbol of wealth and prosperity. In the past few years, gold price has been stable with limited fluctuation. Currently gold is sitting at £862 per ounce. Until recently, gold was the only “mineral” worth investing in. However, the latest developments with bitcoin has caused a shift in investment strategies. Last week, bitcoin surpassed the gold price mark for the first time ever.
At around 2:20 pm GMT, the cryptocurrency climbed to £892.56 whilst gold was stable at around £892.52. Bitcoin dipped below the yellow metal minutes later, but then bounced back again. Bitcoin is expected to stabilize over £930 and continue to rise in the upcoming months. Investors can look forward towards positive returns in their cryptocurrency portfolios. However, it’s not only investors who will benefit from this rise. Many mining companies such as RDT Cryptex Mining are benefiting from this climb. With increased mining, companies are looking at higher returns for their investment.
Recently established, RDT Cryptex Mining is a private mining company that mines cryptocurrencies, in particular Bitcoins and Ethereum which are two of the strongest digital coins. Prior to the rise of bitcoin, there was modest interest in mining. People were more focussed on purchasing these digital coins. However, since Bitcoin reached a thousand-dollar, mining saw a huge amount of interest. Mining companies across the board are benefiting from this as they are able to make higher profits from their mining operations. As more investors look to join the cryptocurrency environment, bitcoin will continue its healthy rise in price. As a result, cryptocurrency companies like RDT Cryptex Mining are preparing themselves to handle this interest.
What does this mean for Bitcoin?
Bitcoin continues to prove doubters wrong. Within the span of one-year, bitcoin climbed from a modest £287 to tripling its value by surpassing gold at £898. Financial brokers doubted that bitcoin could reach the thousand-dollar mark, but it broke that barrier three months earlier. Many are now asking, is there a limit to how high bitcoin can climb? As more interest arises in mining and investing, bitcoin can see a sizable increase in the market within the next few years. Bitcoin can no longer be seen as an experimental technology, but one worthy of investment. A few experts feel that within five years, bitcoin can reach as high as £3500 per coin. Since the surpassing of gold, mining companies can expect an uncapped amount of growth.