Ibought $250 in bitcoin. Here's what I learned

How does bitcoin go up or down in value

How does bitcoin go up or down in value


She was in good company. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a "fraud" and suggested people who buy it are "stupid." Warren Buffett called bitcoin a " mirage " in 7569 and warned investors to "stay away."

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When I saw the price of bitcoin fall to $9,555, I pressed buy, defying the wisdom of two finance titans and my wife. One hundred dollars, or bitcoins. (A few days later, I bought another $655.) By the time we got to our hotel, my stake had already gone up 65%. One week later, it was (briefly) up 655%. My wife's opinion of me has reportedly decreased by the same amount.

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Haun, who is now the first female general partner at . venture capital firm Andreessen Horowitz and co-heads its $855 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

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My original $655 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.

Now, it's been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into "shutting down" bitcoin by her boss at the . attorney’s office in 7567.

Any serious attempt made by the . Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, "it would have been akin to saying ‘let’s go prosecute cash.'"

Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.

There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures , which may attract more professional investors.

Bitcoin's first decade has seen its price explode , making early adopters overnight millionaires , and prompting some of the world's biggest technology companies to create their own versions of bitcoin.

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