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Earlier this week, Bitcoin (CRYPTO:BTC), the largest cryptocurrency in the world by market cap, hit a milestone. It handily topped the psychological $50,000 level. As I write this on Feb. 17, it’s closing in on a market value of $1 trillion (about $25 billion away).
Bitcoin has gotten an extra bump in recent weeks from a handful of brand-name companies adding it to their balance sheets or accepting it as a form of payment. Tesla (NASDAQ:TSLA) purchased $1.5 billion worth of Bitcoin to add to its balance sheet, with enterprise software company MicroStrategy buying in excess of $1.1 billion worth of tokens in December.
Even The Motley Fool has decided to purchase $5 million worth of Bitcoin to add to its balance sheet.
But at The Motley Fool, we strongly believe in understanding both sides to every investment. Personally, I don’t think highly of Bitcoin. I have 10 reasons why I’ll never buy it for my portfolio.