Bitcoin Market Overview

Although Bitcoin (BTC) has begun to recover from sharp declines, investors are still cautious.

While it is wondered whether the rise will continue, T. Rowe Price global portfolio manager Dominic Rizzo stated that current levels make it an excellent time to buy Bitcoin.

Speaking at the Stock Exchange conference in Las Vegas, Rizzo noted that Bitcoin has recently formed a price range similar to its average mining cost, indicating a good buying opportunity.

Comparing Bitcoin to a commodity, Rizzo explained important points for investors to consider:
> “Bitcoin itself traded very close to its average cost of mining.
> So if you think of BTC like a traditional commodity, actually, historically when the price is close to the cost of mining, it’s a really good time to get exposure.
> Because in traditional commodities, when the mining cost price is close to the spot price, it usually means that the price of the commodity may have reached the bottom and the decline will be limited.”

Rizzo also suggested that aside from Bitcoin, investors should consider holding shares of cryptocurrency-focused companies such as Coinbase (COIN) or Robinhood (HOOD).

This is not investment advice.