In Case You Missed It, Bitcoin Lost $2,000 in 14 Days (and Then Rebounded)
The best investment in 2017 hasn't been some hot new tech product or marijuana stocks -- it's been cryptocurrencies. Digital currencies such as bitcoin and ethereum have been off to the races since the year began, with bitcoin having rallied more than 300% year to date, and ethereum up by more than 3,600% in just over eight months. By comparison, it's taken the S&P 500 decades to return what ethereum has for its investors in eight and a half months.
While momentum has obviously played a role in pushing bitcoin and other cryptocurrencies higher (i.e., the "don't miss the boat" mentality), the underlying technology that supports these currencies known as blockchain looks to be the most tangible catalyst in 2017. Blockchain is the digital decentralized ledger that records transactions within a network without the need for a financial intermediary such as a bank. Because blockchain is designed to be something of an open-source platform, it makes altering data within the network extremely difficult, giving blockchain an added level of security that could make it a preferred channel for transactions in the future.
Image source: Getty Images.
Source: Fool.com
