Up 25% in August, Is Bitcoin Now a No-Brainer Buy?
Yahoo Finance ·
Seemingly out of nowhere, the price of Bitcoin ( BTC -0.28% ) has taken off like a rocket in August. It's now up 25% for the month, putting Bitcoin on a trajectory for its best August since 2017. Bitcoin now trades near $80,000. It's no surprise, then, that analysts and investors have been busy ratcheting up their year-end price targets for Bitcoin. There's now a growing consensus that Bitcoin could reach $100,000 by the end of the year. So is now the time to start loading up on Bitcoin? To answer that question, it's helpful to consider how Bitcoin got here in the first place. The primary catalyst appears to be a high-level meeting of crypto executives at the White House on Aug. 19. The meeting was supposed to be a last-minute push for passage of crypto's Clarity Act . But it turned into a cheerleading event for Bitcoin. President Donald Trump even went so far as to suggest that the U.S. government might finally be ready to start buying Bitcoin for the Strategic Bitcoin Reserve .
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