Bitcoin prices spiked again, here’s what financial planners have to say

Published: Nov. 1, 2019 at 7:57 PM CDT
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The price of Bitcoin spiked more than $2,000 over the last week.

Securian Financial Planner David Wald says this increase was expected due to the "Halving" event, which happens every four years, coming up in May of 2020.

The event is meant to slow the inflation of Bitcoin. Wald says there's usually a spike in the stock price six months prior to this event.

"I don't necessarily think it's a fluke thing, but there's so many factors going into trying to predict the rise of this coin. We know that there's only going to be so many coins, so that makes it valuable because there's a limited amount of coins,” he explained.

Wald says the price has remained steady since the spike and there hasn't been any negative pressure on the prices of the coin since then.

He says even if people begin selling and there's downward pressure, the coin probably won't crash because there are only so many available.

However, he says that regulations down the road make this coin unpredictable.

His advice to those currently invested in Bitcoin is to hold on to your coins if you have the time to ride out the ups and downs. However, now might be a good time for those who purchased stock at the height of its cost to sell.