On January 2017, Bitcoin owners had one single goal to accomplish – to ensure that the cryptocurrency attained the $1,000 mark. Luckily, the cryptocurrency achieved that milestone and continued to increase.

As of November 29th 2017, Bitcoin finally hit the $10,000 mark. Coindesk reported that Bitcoin achieved the historic milestone around 1.30 AM UTC or 9.30 AM Hong Kong Time. As a result, Bitcoin now has a higher worth than renowned companies like GM and Boeing.

At the time of writing, the Bitcoin price was $11,206.96 with a 0.23% rise.

Today, countries like China together with institutional investors and traders use Bitcoin as a safe haven asset just like gold or Swiss francs. Why? Investors and traders prefer Bitcoin to protect their assets against economic troubles.

What makes Bitcoin attractive as a safe haven? Unlike other currencies and assets affected by the performance of the global economy and reserve currencies, Bitcoin is the only cryptocurrency dependent on the market.

So, Is Bitcoin A Good Long Term Investment?

At the start of 2017, Jamie Dimon, Chairman and CEO of JPMorgan Chase referred to cryptocurrencies as fraud. He went ahead to say that those who invest in cryptocurrencies are stupid. When he was saying this, Bitcoin price was already past $1,000. As of today, the cryptocurrency has returned over 900%.

Savvy financial experts understand that this type of return on investment is unheard of especially when it comes to the stock market. This means, if you had invested $500 at the start of 2017, you probably would have returned more than $5,000 by the end of the year (2017). What you need to know is that there are a lot of misconceptions surrounding long term Bitcoin investment. This is attributed to the traditional investor point of view.

What do I mean? Investors today are looking for short term results and that is why long term investments are not part of their plans. As of now, Bitcoin is highly volatile but on a short term basis. Due to this, Bitcoin is considered a long term investment. Investors look at the short term volatility rate as a clear indicator of growth. It is expected that as time progresses and the development of cryptocurrency matures, Bitcoins volatility rate will subside.