Tesla CEO Elon Musk recently made headlines after announcing that his company bought $1.5 billion worth of Bitcoin (CRYPTO: BTC).
The cryptocurrency has been around for years, but it has surged more than 370% over the past 12 months. Even before Tesla’s investment in Bitcoin, Musk himself has been credited with increasing the price of cryptocurrencies by voicing his support online.
Because of its soaring price, Bitcoin may seem like an attractive investment. But is it the right time to buy?
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