Although I haven't gotten my hands wet (yet) by buying cryptos, I've certainly been keeping a close eye on them throughout 2017. Ripple has been on a tear in the last week, surpassing Etherum to become number 2 crypto and as a result, garnered most of the media's attention.
So many alt coins to choose from. It seems there's a new alt coin ICO introduced on a daily basis. Yet, there's one alt coin that I've been watching closely since September but has already been around a few years that, until recently was not taken very seriously. I'm talking about Dogecoin.
When I first looked at Dogecoin back in September, the price was a measly $0.0027 or about 3 tenths of a penny. I contemplated purchasing but upon doing my research, discovered that unlike Bitcoin which has an ultimate cap of 21 million coins, Dogecoin has no limit and can eventually reach in the trillions of tokens.
This discouraged me from buying and it has turned out to be a mistake on my part. Dogecoin is now at about 1.5 cents, up close to 500% since last September. Dogecoin's market cap is now close to $1.7B.
Now, the way I think about Dogecoin has changed.
Look at it this way, the US FED printed $4 Trillion from 2009 to 2014. The ECB and the Japanese central bank are both still printing new money to the tune of several billion every month. A dollar is a dollar and there's trillions of them. It's got me thinking that there's nothing stopping Dogecoin from reaching parity with the dollar. Sounds ridiculous but so was Bitcoin $20,000 a year ago.
Another reason why it may be a good idea to get in on Dogecoin is purely for speculation. Little guys like you and me have now been squeezed out of Bitcoin, Ethereum, et al., but when a million little guys decide to get in on cryptos in 2018 and see the high cost of the most popular coins, I predict they will go for the cheapest altcoins out there, purely for the chance to make a fast buck (or because they didn't do their research).
Because of this, I predict Dogecoin will rise much higher in 2018, possibly right up to $1 each, in other words, parity with the dollar. Dogecoin started out as a meme, a joke. Noone's laughing now!
So you missed out on Bitcoin? Dogecoin may be the answer to your prayers.