Over the past year alone, bitcoin value has almost tripled! That makes investing in bitcoin very lucrative. Exactly one year ago, on the 25th of April 2016, bitcoin was trading at $464 on most bitcoin exchanges. Yesterday, it closed slightly above $1,260 and is inching toward the $1,270 record set on the 6th of March this year. However, the climb has been rough, to say the least, and there were several bumps along the way:
Right before the Brexit vote, many people had turned to bitcoin as a safe haven for their money. This caused a sharp spike from about $575 on the 9th of June 2016 to a high of $774 on the 18th of June. Then opinion polls before the vote suggested Brexit the UK would vote to stay, and people dumped bitcoin. Within just five hours, bitcoin shed about $100 in value to $551, and it was only able to touch $660 after the Brexit vote results, regaining most of the lost value.