Cryptocurrencies: Experts warn investors for caution as Bitcoin surpasses $63,000 value

*Experts are advising investors to be cautious as cryptocurrencies are not supposed to appreciate this rapidly

Alexander Davis | ConsumerConnect

As all eyes were getting ready for Wednesday’s public debut of Coinbase, Bitcoin celebrated a little early by climbing up to $63,250.20 in value Tuesday, April 13.

ConsumerConnect gathered some analysts think the cryptocurrency party could get even louder when Coinbase goes public, raising the value of the digital marketplace to as much as $100 billion.

Bitcoin’s value could also increase by another $3,000 by the next day if it continues to trend upwards as it has over the past 48 hours, experts stated.

Nevertheless, investors who want to jump on the cryptocurrency’s bandwagon need to understand that the coin has a habit of rather dramatic herky-jerky performances.

Ether, entrenched as the second-most valuable digital coin after Bitcoin, was also setting a new record in Tuesday trading, hitting $2,293.12, agency report said.

On whether cryptocurrency is ready to be a real thing or otherwise, crypto cheerleaders are all-in on the Coinbase debut because they think it could be a watershed moment for the industry after suffering doubt from financial regulators and Wall Street.

It was learnt that investors might finally sit up and take notice if Coinbase hits town like it’s expected to.

If the digital marketplace does make it to a $100 billion valuation, that would make it worth more than Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE).

Marcus Swanepoel, Chief Executive Officer (CEO) and Co-founder of London-based cryptocurrency platform Luno, told CNBC “this is really good and really important for the industry.

“It’s going to increase the trust and transparency in our industry.

“There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”

Meanwhile, experts have advised consumers should be careful in this regard, as all of this hoopla might cause speculative investors to throw a bunch of money at cryptocurrencies in light of how Coinbase’s IPO might shake out.

Evan Thurmond, a Founding Partner at Lifetime Wealth Strategies, says if you’re tempted to be one of those folks, you might want to exercise caution.

Thurmond was quoted to have said: “Yes, at the moment, there is more interest in bitcoin than there is in other currencies.

“However, people have to understand that currencies are not supposed to appreciate so rapidly as Bitcoin has relative to other currencies.

“Be careful. Do not be afraid to hit the sell button. Anyone can get lucky and make money, but hogs always get slaughtered.”

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