A Growing List of Finance Gurus and Investment Firms Can't Stand Bitcoin
The stock market has traditionally been the go-to investment vehicle for those who want to retire rich. With an average return of 7% over the long run, inclusive of dividend reinvestment, investors have the opportunity to double their money about once a decade -- or at least a few times throughout their lives. Lately, though, the buy-and-hold thesis has been squarely challenged by the emergence of cryptocurrencies like bitcoin.
Bitcoin, which began the year below $1,000 per coin, recently jumped above $6,100 a coin, marking a better than 500% year-to-date gain. Its "sidekick" of sorts, Ethereum, which is the second-largest digital currency by market cap, was up an even more brisk 3,600% since the year began. Mind you, these are gains for roughly 10 months that have taken decades to be realized for investors in the S&P 500.
Image source: Getty Images.
Source: Fool.com
