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Dec 08, 2017 06:41 PM IST | Source: Moneycontrol.com

As Bitcoin surpasses $15,000 mark, here is a bit of advice for investors

Bitcoin rocketed past USD 15,000 for the first time on Thursday, in less than 24 hours after it crossed USD 14,000 mark.

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Bitcoin rocketed past USD 15,000 for the first time on Thursday, less than 24 hours after it crossed the USD 14,000 mark, reported The Economic Times.

As per data available on coingecko.com, the cryptocurrency hit a 24-hour high at USD 15,340 per unit, ahead of the Bitcoin futures launch on Chicago-based CBOE scheduled on December 10.

The virtual currency has drawn the attention of scores of investors after gaining over 1400 percent year-to-date and hitting its all-time high of over USD 15,000.

In pics: Bubble or not! Facts you might not know about bitcoin rally

As the buzz around the digital currency, particularly claims of its promising usage and speculation of another bubble, increased in the past few months, many bitcoin investors have come forward to advice new investors.

Also read: Bitcoin blasts past $14,000, less than 24 hours after crossing $12,000

Pankaj Jain, a New York-based bitcoin investor, advised small investors not to invest more than 1 to 3 percent of their net worth in cryptocurrencies, adding that high-net worth investors should refrain from investing more than 5 to 10 percent, said the report.

Jain added that new investors should try to first understand the technology or mathematics around the virtual currency before jumping the gun.

Also Read: As bitcoin bubble talk surfaces, here's a look at other manias in history

Former Fortress hedge fund manager Michael Novogratz had said on Monday that bitcoin can multiply more than four times in roughly the next 13 months.
"Bitcoin could be at USD 40,000 at the end of 2018. It easily could," Michael Novogratz said Monday on CNBC's 'Fast Money'. "Ethereum, which I think just touched USD 500 or is getting close, could be triple where it is as well."

Also Read: Believers vs doubters: Here are experts' bull and bear cases for bitcoin

Amid the increased talks around Bitcoin across the globe including in India, the Reserve Bank on Tuesday warned the public of the risks of virtual currencies (VCs).
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