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Bitcoin is a digital currency that has been around since 2009. Transactions involving Bitcoin are made with no bank middleman, and you don't have to use your name. But the really intriguing thing about Bitcoin is the investingaspect. Prices were in the $2,750 (U.S.) range in late June, compared to about $630 a year ago.
Should you jump in? A European investment firm makes a good argument for taking a pass. Basically, this cryptocurrency is too speculative and unstable. Bitcoin is running into resistance as a challenger to traditional money because of slow transaction times and the appeal of current payment options. Why use Bitcoin when you have a credit card that is convenient and offers reward points?
A recent study took a look at who is using Bitcoin. It's mostly computer programmers and people involved in illegal activities. By the way, Bitcoin has a hot new rival caller Ether.
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Ask Rob
The question: "I'm 38 years old with no debt, no mortgage, a solid government job and a great pension plan. I have $52,000 to invest in my TFSA. I'm going sell-directed route. How should I invest this money? Please help!"
The answer: You don't say how long you want to keep the money invested, so I'll assume it's for the long term (10-plus years). Your pension plan allows you take an aggressive approach in your own investments, provided you're comfortable with stock market risk. If so, consider putting most of the money in exchange-traded funds tracking the Canadian, U.S. and international stock markets, and a small percentage in a broad-based bond ETF. Exchange-traded funds are very cheap to own and offer diversification across the entire stock market. If you're a Globe Unlimited subscriber, check out my 2017 ETF Buyer's Guide.
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